John took out a 2,000,000 construction loan, disbursed to him in three installments. The first installment of 1,000,000 is disbursed immediately and this is followed by two 500,000 installments at six month intervals. The interest on the loan is calculated at a rate of 15 percent convertible semi-annually and accumulated to the end of the second year. At that time, the loan and accumulated interest will be replaced by a 30-year mortgage at 12 percent convertible monthly. The amount of the monthly mortgage payment for the first five years will be one-half of the payment for the sixth and later years. The first monthly mortgage payment is due exactly two years after the initial disbursement of the construction loan. Calculate the amount of the 12th mortgage payment.