A group of private investors purchased a condominium complex for $4 million. They made an initial down payment of 15% and obtained financing for the balance. If the loan is to be amortized over 13...

A group of private investors purchased a condominium complex for $4 million. They made an initial down payment of 15% and obtained financing for the balance. If the loan is to be amortized over 13 years at an interest rate of 15% per year compounded quarterly, find the required quarterly payment. (Round your answer to the nearest cent.)
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