A company plans to purchase a large piece of machinery with $2401 semi-annual payments for 23 months. If the interest rate on the loan is 2.78% p.a. compounded semi-annually, what is the cash price of the machine? State your answer in dollars ($) with two decimals

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A: Given,            Mr. oniel borrows $750 for 4 months at 6% interest.To find : How much interest…

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