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Five years ago, a person borrowed $ 1 0 0 , 0 0 0 at an interest rate of 8 % per Year compounded semiannually.
Five years ago, a person borrowed $ at an interest rate of per Year compounded semiannually. When he borrowed the money, he stated that he would pay it over ten years in semiannual payments. He made his sixth payment today and has decided to refinance the balance and pay it quarterly over the next four years. If his new interest rate is per Year compounded quarterly, what would be this person's new quarterly payment?
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