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Ricardo's recipe for 4 loaves of bread requires 4 7 cup of olive oil. He only wants to make 1 loaf. Ricardo makes a model to find out how much oil he needs to use. He folds a piece of paper vertically into six parts and shades four parts. Then he folds the paper horizontally into four parts and shades 1 4 of the shaded part. Ricardo decides he needs 1 4 cup of olive oil. Is he right? Complete the explanation. Give your answer as a simplified fraction. He used the number of parts he shaded, 16, as the denominator.