Mr. Wolf is borrowing $500,000 to expand his business. The loan will be for ten years at 12% interest and will be repaid in equal quarterly installments. What will the quarterly installments be?

A) $88,496
B) $21,631
C) $25,510
D) $60,650

Answer: B
Explanation: B) $500,000 / 23.115 (PVIFA, n = 40, i = 3%) = $21,631 (rounded)