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Falco Inc. financed the purchase of a machine with a loan at 3 . 6 3 % compounded quarterly. This loan will be settled by
Falco Inc. financed the purchase of a machine with a loan at compounded quarterly. This loan will be settled by making payments of $ at the end of every quarter for 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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