Matt​'s Machine Shop purchased a computer to use in tuning engines. To finance the​ purchase, the company borrowed $14,500 at 11% compounded semi-annually. To repay the​ loan, equal quarterly payments...

Matt​'s Machine Shop purchased a computer to use in tuning engines. To finance the​ purchase, the company borrowed $14,500 at 11% compounded semi-annually. To repay the​ loan, equal quarterly payments are made over three ​years, with the first payment due one year after the date of the loan. What is the size of each quarterly ​payment? The size of each quarterly payment is ​