Arthur and Rebecca have been married for one year, and are planning to buy a house in Canberra for $900,000. They will borrow $600,000 from a bank. The interest rate on the loan is 4.00% per annum, compounding quarterly. The loan is for 30 years, and they have to make quarterly repayments to the bank, the first payment being exactly three months (i.e. one quarter) from today. What is the amount of the quarterly repayment?

Select one:

a.$8,608.26

b.$10,152.36

c.$8,458.77

d.$12,912.39