Present value with periodic rates.$$Sam$$ Hinds, a local$$ dentist, is going to remodel the dental reception area and add two new workstations. He has contacted$$ A$-$Dec, and the new equipment and cabinetry will cost $$$$15,000.$ The purchase will be financed with an interest rate of $9\mathrm{.}5\%$ loan over $9$ years. What will Sam have to pay for this equipment if the loan calls for quarterly payments $(4$ per$$ year$)$ and monthly payments $(12$ per$$ year$)?$ Compare the annual cash outflows of the two payments. Why does the monthly payment plan have less total cash outflow each$$ year?

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Part $1$

What will Sam have to pay per period if the loan calls for quarterly payments $(4$ per$$ year$)?$