I'm seeing:

Term Grade = min{0.4 * MT + 0.2 * T_{1} + 0.2 * T_{1} + 0.2 * Q + B; 100} where Q is all five quizzes.

That can make up 60% or 40 % of your grade, depending on final exam.

We have 5 quizzes, so one quiz is worth 4% of your term grade. Then 40% of this is 1.6%, and 60% of it is 2.4%. So each quiz is between 1.6-2.4%.

Anyway, that's what I gather from the Portal page.