Question: I need typed answer with explanation don't use AI BOT. Explain step by step I will thumb up. Determine the periodic payments PMT on the

I need typed answer with explanation don't use AI BOT. Explain step by step I will thumb up.

Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest cent.) $400,000 borrowed at 5% for 3 years, with quarterly payments PMT = $

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