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Falco Inc. financed the purchase of a machine with a loan at 2.82% compounded quarterly. This loan will be settled by making payments of $7,900

Falco Inc. financed the purchase of a machine with a loan at 2.82% compounded quarterly. This loan will be settled by making payments of $7,900 at the end of every quarter for 9 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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