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Falco Inc. financed the purchase of a machine with a loan at 2.66% compounded semi-annually. This loan will be settled by making payments of $8,700

Falco Inc. financed the purchase of a machine with a loan at 2.66% compounded semi-annually. This loan will be settled by making payments of $8,700 at the end of every six months 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? Round to the nearest cent

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