Lee and Kerry borrow $400,000 from the TasWide bank, to be paid back through monthly repayments over 15 years, with the first repayment to occur one month after taking out the loan. TasWide charges at interest j12 = 6.0% p.a. Under the terms of the loan, Lee and Kerry will pay interest only for the first 3 years of the loan. At that point the loan will change to a fully amortized (principal and interest or P&I) loan, which will apply for the final 12 years of the loans duration.

Q1. Determine the size of the monthly repayments during the first three years of the loan. Enter this value to 2 decimal places