Your uncle will sell you his bicycle shop for $280,000, with "seller financing," at a 6.0% nominal annual rate.

Your uncle will sell you his bicycle shop for $280,000, with "seller financing," at a 6.0% nominal annual rate. The terms of the loan would require you to make 12 equal end-of-month payments per year for 4 years, and then make an additional final (balloon) payment of $50,000 at the end of the last month. What would your equal monthly payments be?