Frank's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $10,700 at 12% compounded quarterly. To repay the loan, equal monthly payments are made over five years, with the first payment due one year after the date of the loan. What is the size of each monthly payment? The size of each monthly payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)