Suppose that a team has offered the following salary to an NBA player:

Signing bonus (today): 4,000,000

Year 1 salary: 3,500,000

Year 2 salary: 4,000,000

Year 3 salary: 5,000,000

Year 4 salary: 6,000,000

Year 5 salary: 8,000,000

This player wants you to renegotiate the terms. He wants a $6,000,000 signing bonus paid today, the present value of the contract to increase by $5,000,000. He also wants the salary to be paid every month. If the APR is 5% (compounded monthly), calculate the gross amount of his monthly check.