Jennifer Creek is saving up for a new car. She wants to finance no more than $10,000 of the $26,000 estimated price in two years.

1.    Jennifer Creek is saving up for a new car. She wants to finance no more than $10,000 of the $26,000 estimated price in two years. She deposits $5000 into a savings account now and will make monthly deposits for the next two years. If the savings account pays a nominal interest rate of 3% per year with monthly compounding, how much must she deposit each month?

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