A student just graduated from State University with a bachelor's degree in history. During four years at the university, $7,000 in student loans were accumulated. The student asks for your help in determining the amount of the quarterly loan payment. The loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months. Required: Determine the quarterly loan payment. Note: Use tables. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 )