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Find principal balance of the loan

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A company financed the purchase of a machine with a loan at 3.5% compounded semi-annually. This loan would be settled by making payments of $7,900 at the end of every six months for 6 years.

a. What was the principal balance of the loan?

Round to the nearest cent

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

Round to the nearest cent

Reference no: EM132970264

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