Question: A college student borrows $1500 during his senior year. The loan is to be repaid in 20 equal quarterly installments. The interest rate is 5%

A college student borrows $1500 during his senior year. The loan is to be repaid in 20 equal quarterly installments. The interest rate is 5% per year with the first payment to be made 3 years after the date of the loan. What will be the approximate amount of the quarterly payment? (Note: in the payment deferred period, interest is compounded annually, after that, the interest is compounded quarterly) $85.04 $98.44 $113.25 $146.78

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