Quarterly Payment means the cumulative total of Monthly Payments occurring at the end of every quarter of the year (three months ending on the last day of each March, June, September, and December).”

What does it mean when a payment is quarterly?

occurring, done, paid, issued, etc., at the end of every quarter of a year: a quarterly report; quarterly interest. ... by quarters; once each quarter of a year: The bank pays interest quarterly.

How many payments are in a quarterly payment?

The options are weekly (52 payments per year), bi-weekly (26 payments per year), semi-monthly (24 payments per year), monthly (12 payments per year), bi-monthly (6 payments per year), quarterly (4 payments per year), semi-annual (2 payments per year), and annually (1 payment per year).