The Elkridge Bar & Grill has a seven-year loan of $26,800 with Bank of America. It plans to repay the loan in seven equal installments starting today. If the rate of interest is 11.20 percent, how much will each payment be? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)