On January 1, 2015 a company purchased a $180,000 machine and made a cash down payment of $60,000. A four year, 8% note payable was signed for the balance. The note will be paid in sixteen equal quarterly payments starting on March 31, 2015. What is the amount of each of the equal quarterly payments that will be paid on the note?

A. $8,838

B. $13,256

C. $7,500

D. $5,460

E. $13,558