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John is planning to buy a house in three years. He thinks he needs to put down $55,000 in three years as a down payment.

John is planning to buy a house in three years. He thinks he needs to put down $55,000 in three years as a down payment. Currently John has $15,000. He would like to start saving in a bank that offers 8% annual interest rate.

How much should John save every month into that bank account so that he can accomplish his goal?

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