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Falco Inc. financed the purchase of a machine with a loan at 3.18% compounded monthly. This loan will be settled by making payments of $8,600

Falco Inc. financed the purchase of a machine with a loan at 3.18% compounded monthly. This loan will be settled by making payments of $8,600 at the end of every month for 7 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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