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11. Jack borrowed $4,000 to consolidate his debts. Since Jack had an excellent credit rating, he was able to borrow at a 10% effective annual

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11. Jack borrowed $4,000 to consolidate his debts. Since Jack had an excellent credit rating, he was able to borrow at a 10% effective annual rate. Jack is required to make quarterly payments. Jack will make equal payments for the next 4 years. What is his quarterly payment? (Be careful of rounding errors)

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