You decide to accept a quote from a store specializing in office remodeling. They offer to pay in quarterly installments due over 3 years, giving a footing of $600,000.
of $600,000. The estimate as of today's date is $3,600,000.
specialty store applies an interest rate of:
2.5% effective quarterly for year 1.
2% effective quarterly for years 2 and 3.
If the installments to be paid are nominally equivalent, calculate the amount of the installment.