The quarterly payment will be $1,127.86
<h3>What is compound interest?</h3>
Compound interest is the interest on a loan or deposit that levied on both the first principal and the collected interest from past periods.
The amortization formula is ...
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 ...
Hence the quarterly payment amount is $1,127.86.
To know more about Compound interest, follow