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Falco Inc. financed the purchase of a machine with a loan at 4.38% compounded quarterly. This loan will be settled by making payments of $8,200

Falco Inc. financed the purchase of a machine with a loan at 4.38% compounded quarterly. This loan will be settled by making payments of $8,200 at the end of every quarter for 5 years.

a. What was the principal balance of the loan? Round to the nearest cent

b. What was the total amount of interest charged?

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