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You want to buy new car that will cost $93,000. The bank will lend you the money at 8.7% p.a. compounded quarterly over five years.

You want to buy new car that will cost $93,000. The bank will lend you the money at 8.7% p.a. compounded quarterly over five years. To reduce the amount of the loan repayments you will make a special payment at the end of the loan of $37,000. The $37,000 payment is instead of the quarterly loan payments. What is the amount of the 19 regular quarterly loan repayments on this five year loan?


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