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To finance the development of a new product, a company borrowed $30 000 at 7% compounded monthly. If the loan is to be repaid in

To finance the development of a new product, a company borrowed $30 000 at 7% 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?

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