Your best friend has offered to partner with you for his startup business called Wabbajack's Wonderous Waffles. Your buy-in to the business will cost 28,000 dollars. You've convinced your parents to give you 10 percent of the $28,000. Your bank will provide financing for the remaining 90% at a 9% annual rate, compounded monthly, over 48 months. The first payment to the bank is due 1 month from today.

What will be your monthly payment?