The City of New York issued 8,000 fifteen-year, $1,000 par value bonds with monthly coupon payments. The city set up a sinking fund into which it will make monthly payments to accumulate the bonds redemption value. The sinking fund earns 4.50%. How much money does the city need monthly for its debt service if the bonds interest rate is 5.25%? Show your work! Clearly state what (N, I, PV, PMT, FV) are.