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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 $100,000 at an interest rate of 8% per Year compounded semiannually. When he borrowed the money, he stated that he would pay it over ten years in semi-annual 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 6% per Year compounded quarterly, what would be this person's new quarterly payment?

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