Mr Brian Morgan bought a house for R1,500,000 and obtained a bond of 75% of the purchase price over a term of 20 years at 11% per annum. After 7 years the man inherits R100,000. He decides to pay off on the bond and requests the holder of the bond to adjust the monthly instalments for the remainder of the term of the bond. Calculate the monthly instalment that he has to pay thereafter.