Using technology, determine the quarterly payment on a 3 year loan of $13,010 at 5.6% compounded quarterly. Round you answer to the nearest cent.

There are 12 quarterly payments in 3 years, and the quarterly interest rate is 5.6% ÷ 4 = 1.4%. Using the loan payment formula, payment = 13,010(0.014) ÷ [1 − (1.014)^(-12)] ≈ $1,185.34. The correct choice is $1,185.34.

AI-written and checked against the verified answer.