Question: Frank's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $17,500 at 6% compounded semi-annually. To repay

Frank's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $17,500 at 6% compounded semi-annually. To repay the loan, equal quarterly payments are made over five years, with the first payment due one year after the date of the loan. What is the size of each quarterly payment?

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