Tom is celebrating his $27$th birthday on January $26,2024.$ He would like to buy a BMW for his $30$th birthday, and it is expected to cost $$70,000.$ With that objective in mind, he deposits $$5,000$ in a bank today on his $27$th birthday and follows up with a series of equal quarterly $($end of the quarter$)$ deposits until his last deposit which occurs on his $30$th birthday on Jan $26,2027.$ The bank gives him interest at $1\mathrm{.}8\%$ per quarter.

Determine the monthly deposit amount.