Ralph and his partners have contracted to purchase the franchise rights, worth

$65,000,

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

three

years. To accommodate the renovation period, Pepperoni's corporate office has agreed to allow the payments to start in

one

year, with interest at

9.48%

compounded

semi-annually.

What is the amount of each payment?