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What was the amount of interest charged on the loan

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Reference no: EM133188211

Question - A company currently owes $25,000 to a bank for a loan it took 3 years and 9 months ago. The interest rate charged on the loan was 5.5% compounded monthly.

Required -

a. What was the original principal of the loan?

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

Reference no: EM133188211

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