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What was the total amount of interest charged on the loan

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Question - A company financed the purchase of a machine with a loan at 2.75% compounded semi-annually. This loan would be settled by making payments of $8,000 at the end of every six months for 8 years. (Question relates to: Annuities - Future and Present Value Calculations for Ordinary Simple and General Annuity)

a. What was the principal balance of the loan?

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

Reference no: EM132953627

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