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Meriton Ltd is seeking a fully amortised commercial mortgage loan of $950,000 from Westpac Banking Corporation

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Meriton Ltd is seeking a fully amortised commercial mortgage loan of $950,000 from Westpac Banking Corporation. The conditions attached to the loan include an interest rate of 8% per annum, payable over eight years by equal end-of-quarter instalments. Meriton's chief financial officer (CFO) needs to ascertain the quarterly instalment amount. Advise the CFO the amount of the quarterly instalment.