John wants to purchase a new machine for his business. He needs a loan of $500,000 from a bank. The bank manager Christine has agreed to lend the money that must be paid off over 6 years period at a fixed interest of 6%. John will be making monthly repayments at the end of each month to the bank after the interest on the loan has been compounded monthly. 

How much will he have to repay to the bank each month to clear the debt after 6 years?