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A college student borrows $1500 during his senior year. The loan is to be repaid in 20 equal , quarterly payments. The interest rate is

A college student borrows $1500 during his senior year. The loan is to be repaid in 20 equal , quarterly payments. The interest rate is 4% per year with the first payment to be made 3 years after the date of the loan. What will be the amount of the quarterly payment.

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