Question $7$

Edward gets a $$400,000$ loan. His loan has a period of $10$ years and an annual interest rate of $5\%.$ He pays equal payments every quarter, and his interest is

compounded quarterly. What would be his quarterly loan payment?

$$51,801\mathrm{.}83$

$$42,801\mathrm{.}23$

$$12,768\mathrm{.}57$

$$23,311\mathrm{.}26$