3. RR] Corporation constructed its building 6 years ago nanced by a lit-year bank loan of l'lUM with l2% annual interest rate compounded monthly. The company has paid all the monthly instalments for the past 6 years. However, to reduce the amount of instalment payments, it was decided to renance the balance of the loan through an insurance company. The new loan is for It] years with interest at 8% compounded quarterly. A service charge of 5% will be added to the loan amount. Determine the balance on the original mortgage and the amount of the quarterly payments to the insurance company. [7' PTS]