A R20 000 loan at 12% p.a. (cm) is to be amortised by equal monthly payments of R614.37 over 4 years. Assume payments 25 to 32 are missed, and that the interest rate changes after the 29th payment is made, to 15% p.a. (cm). Find the value of the new payments required to pay off the loan in the same period of time. This calculation consists of 4 parts.

What is the value of N in the first part of the calculation?

The FV at this point is:

The value of N for the second part of the calculation is:

The value of N at the third part of the calculation is:

The PV at the third part is:

The Value of the new payments are: