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Cline would like to borrow $52,400 to pay one year's tuition at a private U.S. university. She would like to make quarterly payments and finish

Cline would like to borrow $52,400 to pay one year's tuition at a private U.S. university. She would like to make quarterly payments and finish repaying the loan in 7 years. If the bank is quoting her a rate of 4 percent compounded monthly.

Determine her quarterly payment.

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