Down Payment. In order to save enough money for the down payment on a 3 bedroom, 2 bath, & 2 car garage house, Hy & Lois Pryce want to make deposits each month for 5 years into an account that pays 3.5% interest compounded monthly. They need $20,000 for a down payment, how much should they deposit monthly to meet their goal? Note: Write your answer without the dollar sign, S, and without commas but to two decimal places