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Q 5 . Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $ 9 7 5 . 7 3

5 .

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

975.73

at the end of every three months over seven years. if interest is

3.7 %

compounded monthly, what was the original loan balance?

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