matt and his partners have contracted to purchase the franchise rights, worth $69,000, 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 3 years. To accommodate the renovation period, Pepperoni's corporate office has agreed to allow the payments to start in one year, with interest at 11.88% compounded semi-annually. What is the amount of each payment?