frank and his partners have contracted to purchase the franchise rights, worth $79,000, to open and operate a specialty pizza restaurant called Pepperoni's. With a renewable agreement, the partners have agreed to make payments at the beginning of every threemonths for five years. To accommodate the renovation period, Pepperoni's corporate office has agreed to allow the payments to start in one year, with interest at 10.48% compounded monthly.

What is the amount of each payment?

The amount of each payment is $____________

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.