Question: You would like to purchase a sofa set at a cost of $ 2 0 0 , 0 0 0 . Your credit union has

You would like to purchase a sofa set at a cost of $200,000. Your credit union has agreed to finance 80% of the cost, at an interest rate of 25% per annum, with the loan to be repaid in equal quarterly instalments over a 1(1)/(2) year period. Required:
a. Compute the required quarterly payments. (round to the nearest dollar)

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