A group of private investors purchased a condominium complex for $4 million. They made an initial down payment of 12% and obtained financing for the balance. If the loan is to be amortized over 12 years at an interest rate of 13% /year compounded quarterlly, find the required quarterly payment. Please round the answer to the nearest cent.
a. $144,172.53
b. $143,175.06
c. $147,533.39
d. $145,809.68
e. $147,646.05
d. $145,809.68
Mathematics
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