To finance the development of a new product, a company borrowed $40,000 at 8% compounded monthly. If the loan is to be repaid in equal quarterly payments over seven years and the first payment is due three months after the date of the loan, what is the size of the quarterly payment?

The size of the quarterly payment is $__.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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