(c) Xiao Ming needs to repay a loan with quarterly installments of $500 for 6 years. The effective interest rate is 3.5% per annum. However, when the 6th payment is due, Xiao Ming only pays the interest due. At the time of the 7th and 8th payment, Xiao Ming is not able to make any payments. However, he finally pays off the loan by level installments of P from time 9 to time 24. Assuming that there is no change in the interest rate, determine the value of P. Round your answer to the nearest cent. [8]