Joe and his parents have contracted to purchase the franchise right, worth $79000, 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 month for three years. To accommodate the renovation period, Pepperoni's corporate office has agreed to allow the payments to start in one year, with interest at 10.61% compounded annually. What is the amount of each payment?

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