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Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1087.02 at the end of every three months over eight

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Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1087.02 at the end of every three months over eight years. If interest is 6.4% compounded monthly, what was the original loan balance? The original loan balance was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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