Mr. Reyes borrowed from the bank an amount of P320,000 today to be paid after 5 years. This was done at an interest rate of 5% compounded semi-annually. But, when the 5-year limit was reached, Mr. Reyes does not have the capacity to pay. Therefore, the bank let Mr. Reyes renew the borrowed amount plus the interest for another 5 years but under the condition of making monthly payments at the same interest rate. How much will Mr. Reyes pay monthly?

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