Find the required quarterly payment

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Reference no: EM131081462

A group of private investors purchased a condominium complex for $5 million. They made an initial down payment of 10% and obtained financing for the balance. If the loan is to be amortized over 15 years at an interest rate of 9.1%/year compounded quarterly, find the required quarterly payment. (Round your answer to the nearest cent.)

Reference no: EM131081462

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