Two annuities have the same present value. The first annuity is a decreasing annual annuity. The first payment is $ 1920, due one year from today. Subsequent annual payments decrease by $ 120 per year. The interest rate is 6 % compounded annually. The second annuity provides payments of $ K per month for 16 years. The first payment is due one month from today. What is K?

Value of K = $ ?