Group of private investors purchased a condominium complex

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A group of private investors purchased a condominium complex for $2 million. They made an initial down payment of 10% and obtained financing for the balance. If the loan is to be amortized over 11 years at an interest rate of 8.6%/year compounded quarterly, find the required quarterly payment. (Round your answer to the nearest cent.)

Reference no: EM13768901

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