Question: Ted's Machine Shop purchased a computer to use in tuning engines. To finance thepurchase, the company borrowed $10,500 at 12% compounded semi-annually. To repay theloan,

Ted's Machine Shop purchased a computer to use in tuning engines. To finance thepurchase, the company borrowed $10,500 at 12% compounded semi-annually. To repay theloan, equal quarterly payments are made over five years, with the first payment due one after the date of the loan. What is the size of each quarterly payment?

The size of each quarterly payment is $_______.

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