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A company financed the purchase of a machine with a loan at 5 . 7 5 % compounded monthly. This loan would be settled by
A company financed the purchase of a machine with a loan at compounded monthly. This loan would be settled by making payments of $ at the end of every month for years.
a What was the principal balance of the loan?
Round to the nearest cent
b What was the total amount of interest charged on the loan?
Round to the nearest cent
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