Freddie decides to buy the fleet of vehicles after all, for a price of $453,000. Freddie's friend Kiki, who is an executive at "Mercury Bank", has arranged a special interest rate of 2.4% p.a. compounding monthly for Freddie to take out a loan for this purchase.

Freddie is considering taking this special offer, and intends to fully repay the loan using level monthly repayments over the coming 8 years. The first payment is exactly one month from today.

(a) Calculate the size of the level monthly repayment.