Alysha would like to borrow $31,000 to pay one years tuition at a private U.S. university. She would like to make quarterly payments and finish repaying the loan in 5 years. If the bank is quoting her a rate of 6 percent compounded monthly, determine her quarterly payment.

(Round effective interest rate to 4 decimal places, e.g. 25.1253% and final answer to 2 decimal places, e.g. 125.12.)