Gillian has agreed that for a single payment of $64,000 today to help her launch her business, she will provide all the delivery services that Geoffrey needs for his business for the next 5 years. Geoffrey is considering borrowing the full amount from his business account.

Suppose that Geoffrey makes level quarterly repayments over the coming 5 years, the first payment being exactly 3 months from today. Again, the interest rate on Geoffrey's account is 3.2% p.a. effective.

(a) Calculate the size of the level quarterly repayment.

(b) How much money does Geoffrey owe on this loan after 1 year?