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alco Inc. financed the purchase of a machine with a loan at 3 . 1 7 % compounded quarterly. This loan will be settled by
alco Inc. financed the purchase of a machine with a loan at compounded quarterly. This loan will be settled by making payments of $ at the end of every quarter 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?
Round to the nearest cent
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