A Group of Private Investors Purchased a Condominium Complex for $4

Multiple Choice

A group of private investors purchased a condominium complex for $4 million. They made an initial down payment of 12% and obtained financing for the balance. If the loan is to be amortized over 12 years at an interest rate of 13% /year compounded quarterlly, find the required quarterly payment. Please round the answer to the nearest cent. ​

A) $144,172.53
B) $143,175.06
C) $147,533.39
D) $145,809.68
E) $147,646.05