There was a video on YouTube almost ten years ago. Its about a young soldier helping his single mother pay off mortgage by handing her a cheque of $50,000 after saving for two years. Suppose this soldiers total annual salary was $60,000 and the salary was paid monthly. He saved money by making monthly deposits into a saving account carrying an interest rate of 3% compounded monthly. After saving, how much did he spend each month during the two years?