Find the periodic payment R required to amortize a loan of P dollars over t years with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) P = 30,000, r = 5, t = 16, m = 4

Suppose payments will be made for 7.25 years at the end of each month from an ordinary annuity earning interest at the rate of 2.25%/year compounded monthly. If the present value of the annuity is $47,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.)