At an annual effective interest rate of 6.5%, Peter borrows $44000 from a financial institution and the loan period is 13 years. At the end of each year, Peter will be paying the outstanding interest on the loan, and at the same time he will also be depositing a level amount into a sinking fund which earns an annual effective interest rate of 3.2% so that the principal can be repaid at the end of the loan period. Find the total amount of payments Peter needs to make in the 13-year period