A man borrows $60,000 to help pay for his college expenses.  He intends to pay off the loan with regular monthly payments over the next 15 years.  Find the monthly payment if he is being charged 5.6% interest per year, compounded monthly.   Give the answer to 2 decimal places, and do not use the $ sign in the answer box.

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.