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Chuck borrowed $3,500 to consolidate his debts. Since Chuck had an excellent credit rating, he was able to borrow at a 12% effective annual rate.

Chuck borrowed $3,500 to consolidate his debts. Since Chuck had an excellent credit rating, he was able to borrow at a 12% effective annual rate. Charles is required to make quarterly payments. Charles will make equal payments for the next 3 years. What is his quarterly payment? (Be careful of rounding errors)

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