Alex buys a new car for $20,000. Triple Bank offers Alex a loan with a nominal interest rate of 12% compounded monthly. The loan is a five and one half year loan with 60 monthly (end-of-month) payments. Under this loan, the payments are deferred for 6 months which means that the first payment will be made at the end of the 7th month. The level payment on this loan is $X. Find the value of X.