Calculate the quarterly instalments

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Reference no: EM131770296

Mary borrows $420 000 to start a small business. She agrees to repay the loan over a period of five years, from the time the loan is granted. The first payment, however, will be nine months after the granting of the loan. The interest rate is 18% p.a. compounded quarterly. Calculate the quarterly instalments.

Reference no: EM131770296

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