Falco Inc. financed the purchase of a machine with a loan at 3.31% compounded semi-annually....
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Accounting
Falco Inc. financed the purchase of a machine with a loan at 3.31% compounded semi-annually. This loan will be settled by making payments of $8,500 at the end of every six months for 6 years.
a. What was the principal balance of the loan?
b. What was the total amount of interest charged?
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