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The Ivanhoe Bar & Grill has a seven-year loan of $28,210 with Bank of America. It plans to repay the loan in seven equal installments

The Ivanhoe Bar & Grill has a seven-year loan of $28,210 with Bank of America. It plans to repay the loan in seven equal installments starting today. If the rate of interest is 8.9 percent, how much will each payment be? (Round factor values to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)

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