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To finance the development of a new product, a company borrowed $48,000 at 9 % compounded quarterly. The loan is to be repaid after a

To finance the development of a new product, a company borrowed $48,000 at 9 % compounded quarterly. The loan is to be repaid after a period of deferment of three years, in equal quarterly payments over seven years. What is the size of the quarterly payment? ( Hint: Two step question)

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