Answer:
$1,127.86
Step-by-step explanation:
The amortization formula is ...
A = Pr/(1 -(1+r)^-n)
where A is the payment amount, P is the principal amount, r is the interest rate per period, and n is the number of periods.
Here, we have P=$16,231, r=0.051/4=0.01275, n=4·4=16.
So, the payment is ...
A = $16,231·0.01275/(1 -1.01275^-16) = $1,127.86
The quarterly payment amount is $1,127.86.
