Use this formula to calculate the periodic payment:
PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}
PMT=14,013 x 0.016{[1 + 0.016]^65 / [1 + 0.016]^65 - 1}
PMT=224.208 x {[1.016]^65 / [1.016]^65 - 1}
PMT=224.208 x {2.806022../ 1.806022...}
PMT=224.208 x 1.55370322....
PMT=348.35 - The periodic payment required.
