Advanced personalized learning, tailoring instruction to a student's particular needs and learning preferences, is a challenging opportunity. One start-up with four engineers has produced an adaptive hardware/software package that is projected to sell for $3,400. Rather than pay cash, potential buyers will be able to buy the package over 3 years with end-of-month payments and interest at 7% per year compounded quarterly.

What is the effective monthly interest rate? =0.57832% What equal monthly payments will be required? Carry all interim calculations to 5 decimal places and then round your final answer to 2 decimal places.