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Peter has borrowed money from an American Bank. He has a 8-year annuity and has to make quarterly payments with the first payment due in

Peter has borrowed money from an American Bank. He has a 8-year annuity and has to make quarterly payments with the first payment due in 3 months.

If the present value of the annuity is $4, 020 at a discount rate of 10.5% annual percentage Marked out of rate, what is the size of the quarterly payment?

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