A loan of $$13,000$ is to be repaid over a $2-$year period through equal quarterly installments with an interest rate of $13\%$ per year compounded quarterly. Determine the size of each installment.

Part $1$ of $2$

Use a TVM solver to solve this problem. Fill in the information that you typed into the TVM solver. Round the final answer to two decimal places.

N $=8$

Correct: Your answer is correct.

seenKey $8$

I$\%=13$

Correct: Your answer is correct.

seenKey $13$

PV $=13000$

Correct: Your answer is correct.

seenKey $13000$

PMT $=$ alpha

Correct: Your answer is correct.

seenKey alpha

FV $=0$

Correct: Your answer is correct.

seenKey $0$

P$/$Y $=4$

Correct: Your answer is correct.

seenKey $4$

C$/$Y $=4$

Correct: Your answer is correct.

seenKey $4$

PMT: $($End$/$Begin$)$ End

Correct: Your answer is correct.

seenKey End

Final Answer: $$1871\mathrm{.}51$

Correct: Your answer is correct.

seenKey $1871\mathrm{.}51$