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What was the principal balance of the loan

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Reference no: EM133931900

Assignment:

A company financed the purchase of a machine with a loan at 4.25% compounded monthly. This loan would be settled by making payments of $8,500 at the end of every month for 5 years.

a. What was the principal balance of the loan?

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

Reference no: EM133931900

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