Phil borrows 1,000 for 5 years at a nominal annual rate of 6% convertible monthly. At the end of each month, he pays the interest on the loan and deposits the level amount necessary to repay the principal to a sinking fund earning a nominal annual rate of j% convertible monthly. The total of all interest payments and sinking fund deposits made by Phil over the 5-year period is 1200. Determine j, rounded to at least three decimal places.