1. Smith Inc. purchased a piece of equipment for $850,000 on March 1, 2019 paying $80,000 in down payment and signing a note for the rest of the amount. Smith has agreed to make twenty equal quarterly payments for five years beginning June 1, 2019. The interest rate on this loan is 10%. Assume Smith refinances the carrying value of the loan on September 1, 2022 after the payment on that date has been made. The new interest rate is 8%. What will be the size of new quarterly payments?