Blair has a 5-year personal loan with the bank. He currently makes an equal quarterly repayment at the end of each quarter at an interest rate of 7% p.a. compounded quarterly. Which of the following may reduce the total cost of the loan? (There may be more than one correct answer. You will lose marks by choosing a wrong answer. The minimum mark for the question is zero.)

Select one or more:

a. To renegotiate the interest rate to 7% p.a. effective.

b. To delay the first repayment to the end of year 1 and repay the loan over the 4 remaining years.

c. To ask for an interest-only period of the first 2 years of the loan term.

d. To change the repayment plan to an equal monthly repayment at the end of each month.

e. To renegotiate the loan term to 10 years.