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What was the amount of interest charged on the loan

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Reference no: EM132922018

Problem - A company currently owes $30,000 to a bank for a loan it took 3 years and 2 months ago. The interest rate charged on the loan was 5.75% compounded monthly. (Question relate to Mathematics of Business and Finance).

a. What was the original principal of the loan?

b. What was the amount of interest charged on the loan?

Reference no: EM132922018

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