A group of private investors bought a condominium complex, Ask an Expert

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A group of private investors bought a condominium complex for $4 million. They made an initial down payment of 12% and obtained financing for the balance. The loan is to be amortized over 13 years at an interest rate of 13% per year compounded quarterly. (Round your answers to the nearest cent.)

What is the required quarterly payment?

How much total interest will be paid on the loan?

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