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Karen has a 3.5 year loan of $70,000 with the Commonwealth Bank. She plans to repay the loan in 14 equal quarterly instalments starting today.

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Karen has a 3.5 year loan of $70,000 with the Commonwealth Bank. She plans to repay the loan in 14 equal quarterly instalments starting today. If the rate of interest is 5.6% p.a. compounding quarterly, how much will each repayment be worth? Select one: O a. $5,464.30 O b. $5,540.80 c. $5,358.48 O d. $5,677.12

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