Kroger Corporation purchases a building costing $1,500,000 by paying $700,000 cash and issuing a note payable to the seller on the purchase date. In the note payable, Kroger agrees to make installment payments every quarter for the next five years (20 payments in total). The first payment is due three months after the purchase date. Kroger's borrowing rate for this transaction is 8% (this is an annual interest rate).

Required:

Calculate how much each of the payments should be.