A mining company plans to buy a loader costing $1.4 million dollars by obtaining a loan from an international investment company. The loan will be repaid in 20 equal quarterly installments. However, due to a special business agreement with the agency, the first payment will not be required until the third year after the loan date (i.e. the loan is taken in year zero and the first payment is realized in the 9 th quarter). The loan will still accrue interest during the grace period. If the nominal interest rate is 5% compounded annually, what is the cost of each quarterly payment? Express your answer as a positive value. A mining company plans to buy a loader costing $1.4 million dollars by obtaining a loan from an international investment company. The loan will be repaid in 20 equal quarterly installments. However, due to a special business agreement with the agency, the first payment will not be required until the third year after the loan date (i.e. the loan is taken in year zero and the first payment is realized in the 9 th quarter). The loan will still accrue interest during the grace period. If the nominal interest rate is 5% compounded annually, what is the cost of each quarterly payment? Express your answer as a positive value