Pamela Groove of Pamela Golding properties Inc. (Pty) Ltd decided to make renovations to her offices. The renovations will cost her R500 000. FNB Bank has agreed to give her a loan at 12% per annum compounded monthly, provided that she is able to put down a deposit of 20% on the cost price of R800 000. Calculate her monthly payments if the loan is to be paid over a period of 48 months