An individual who receives credit from the bank will pay it back in equal installments of 17.750,00-TL TL at the end of each month. Apart from the payments which is occured monthly, and on condition that it begins at the end of the first 6 months on a monthly basis (36 months), this individual will make payments once every six months as 3.250,00-TL. (anticipation rate shall be accepted as 8,6)

a) Draw the repayments 'cash flow diagram.

b) Write the notation of the cash balance representing the current value of repayments in time.

c) Write the notation of cash balance expressing the usual monthly equivalent of refunds.

d) Determine the present value of refunds in time.

e) Determine the normal monthly equivalent of returns.