Joe's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $16,000 at 8% compounded monthly. To repay the loan, equal quarterly payments are made over three years, with the first payment due one year after the date of the loan. What is the size of each quarterly payment? The size of each quarterly payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)