Akbar has borrowed $48,000 today and agreed to repay it in 5 years with monthly payments at the beginning of every month starting today (The first payment is due today). Calculate the size of the...

Akbar has borrowed $48,000 today and agreed to repay it in 5 years with monthly payments at the beginning of every month starting today (The first payment is due today). Calculate the size of the payments if money is worth 2.6% p.a. compounding quarterly.