7. Ralph purchased a car today at a net price of P1,500,000. He plans to replace this with a new model in 4 years with a projected price of P2,000,000. He then decided to open a sinking fund to be ready for this upgrade. If the interest of the fund is 4% and he plans to sell his current car before purchasing the new model, how much should he deposit at the end of every month? Note that the value of the car will reduce by 2% of its current value per month, and the proceeds from selling the old car will be added to the fund. (10 points)