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Falco Inc. financed the purchase of a machine with a loan at 4.94% compounded monthly. This loan will be settled by making payments of $7,500

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Falco Inc. financed the purchase of a machine with a loan at 4.94% compounded monthly. This loan will be settled by making payments of $7,500 at the end of every month for 8 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged? Round to the nearest cent

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