Question 4: A mining company plans to buy a loader costing 1.5 million dollars by obtaining a loan from an international investment company. The loan will be repaid in 20 equal quarterly installments. However, due to a special business agreement with the agency, the first payment will not be requided until three years after the date of the loan (the loan will still accrue interest during that time). If the nominal interest rate is 5% compounded annually, what is the cost of each quarterly payment