A loan of R100 000 is granted at 5,2% p.a. compounded monthly. The loan is to be amortised by 20 regular equal quarterly payments, starting one quarter after the granting of the loan. Immediately after the fifth payment is made, the interest rate on the loan increases to 5,8% p.a. compounded monthly. In order to repay the loan in the same time period the new equal quarterly payments, to the nearest cent, that must be made from the sixth
quarter onwards, are equal to R
