A businessman obtains a loan of $100,000 for a 5-year term with an interest rate of 7% per year, compounded quarterly, which must be paid in quarterly installments by the French amortization system. If the interest rate is reset to 6% annually compounded quarterly after payment 16; determines the value of the new quarterly installment.

1) $2356.87

2) $5932.82

3) $6947.23

d) $5,532.76

e) $4,578.92