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A group of private investors purchased a condominium complex for $4 million. They made an initial down payment of 12% and obtained financing for the

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A group of private investors purchased a condominium complex for $4 million. They made an initial down payment of 12% and obtained financing for the balance. If the loan is to be amortized over 14 years at an interest rate of 14% per year compounded quarterly, find the required quarterly payment. (Round your answer to the nearest cent.) $

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