Question: Jay needed $ 2 5 4 , 0 0 0 to repair his private jet. He took out a loan for 6 years with an

Jay needed $254,000 to repair his private jet. He took out a loan for 6 years with an interest rate of 12% compounded quarterly. He has agreed to make payments at the end of each quarter. What is his quarterly payment for the next 6 years?

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