Alexis borrowed $31000 from a loan shark at the APR of 20%, compounded monthly. The entire amount, principal plus interest, is to be repaid at the end of 5 years. This loan shark is not a nice person and Alexis is a little nervous, so he starts a savings account in his local bank. The bank pays interest at the APR of 2.8%, compounded monthly. Alexis will make 60 equal monthly deposits into his account, then, right after the last deposit, he will empty the account to repay the loan shark. How large do his monthly payments need to be?
$.