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On January 1, 20x1, Sparky purchased a warehouse for $400,000. After providing a 20% down payment, he borrowed the balance of $320,000 from the local
On January 1, 20x1, Sparky purchased a warehouse for $400,000. After providing a 20% down payment, he borrowed the balance of $320,000 from the local bank under a 5-year 12% mortgage loan requiring equal quarterly installment payments of principal and interest at the end of each 3 months beginning April 1, 20x1. Determine the amount of each quarterly payment. (round your answer to the nearest whole dollar.)
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