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Falco Inc. financed the purchase of a machine with a loan at 3.58% compounded monthly. This loan will be settled by making payments of $9,200

Falco Inc. financed the purchase of a machine with a loan at 3.58% compounded monthly. This loan will be settled by making payments of $9,200 at the end of every month for 6 years.

a.What was the principal balance of the loan?

b.What was the total amount of interest charged?

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