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Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1109.45 at the end of every year over six years.

Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of

$1109.45

at the end of every

year

over

six

years. If interest is

4.5%

compounded

semi-annually,

what was the original loan balance?

The original loan balance was

$nothing.

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