3. You plan to buy an apartment three years from now for $200,000. You will take out a 30-year mortgage at the time of the purchase. Mortgage lenders generally base the amount they will lend on the borrower's gross income, allowing roughly 25% of income to be applied to the mortgage payment. You anticipate that your annual gross income will be $48,000 at the time you purchase the apartment. The mortgage interest rate at that time is expected to be about 9%, compounded monthly. You will make monthly mortgage payments. The mortgage alone won't provide enough cash to buy the apartment so you will need to have a deposit saved to make up the difference. You have a bank account that pays 6% compounded quarterly in which you already have $10,000. You plan to make quarterly deposits from now until the time of purchase to save the rest. How much must each deposit be