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A $34,500 loan at 3.75% compounded quarterly is to be repaid with four equal quarterly payments. The first payment is one year after the loan.

A $34,500 loan at 3.75% compounded quarterly is to be repaid with four equal quarterly payments. The first payment is one year after the loan. Calculate the amount of each payment. For full marks your answer(s) should be rounded to the nearest cent.

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