Exercise $5-19($Algo$)$ Solving for unknown annuity amount $[$LO$5-9]$

A student just graduated from State University with a bachelor's degree in history. During four years at the university, $$11,750$ in student loans were accumulated. The student asks for your help in determining the amount of the quarterly loan payment. The loan must be paid back in five years and that the annual interest rate is $8\%.$ Payments begin in three months.

Required:

Determine the quarterly loan payment.

Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. $($FV of $$1,$ PV of $$1,$FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

$\backslash$table$[[\backslash$table$[[$Table or calculator$],[$function:$]],PV$ of $$1$