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What is the regular quarterly repayment

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Question - "A bank is offering new home buyers a low repayment home loan that is based on the assumption you will sell before five years and involves a lump payment of 75% of the loan at the end of five years to keep the quarterly repayments down. The loan requires quarterly payments over 5 years with an interest rate of 4%p.a. compounded quarterly. Assuming you borrow $250,000 and the lump sum payment is $187,500 paid in quarter 20 what is the regular quarterly repayment for the other 19 quarters?"

Reference no: EM132533561

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