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A company financed the purchase of a machine with a loan at 4 . 2 5 % compounded monthly. This loan would be settled by

A company financed the purchase of a machine with a loan at

4.25 %

compounded monthly. This loan would be settled by making payments of $

8, 900

at the end of every month for

8

years. a

.

What was the principal balance of the loan?

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