Question 7 Your answer is incorrect. Try again. Jan would like to borrow $46,600 to pay one year's tuition at a private U.S. university. She would like to make quarterly payments and finish repaying the loan in 4 years. If the bank is quoting her a rate of 7 percent compounded monthly Determine her quarterly payment. (Round effective interest rate to 4 decimal places, e.g. 25.1253% and final answer to 2 decimal places, e.g. 125.12.) Quarterly payment