On January 1, 2013, you are considering the purchase of a property on January 1, 2015. You expect that the purchase price would be $800,000 and a bank would provide a mortgage loan at that time for 80% of the purchase price. The other costs such as stamp duty and agent commission would be $40,000. In order to accumulate the necessary funds for meeting the down payment and other costs, you plan to invest a constant amount at the beginning of each month starting on January 1, 2013 with the last investment on December 1, 2014. This investment will provide an annual return of 6%.
Calculate the amount you should invest every month to accumulate the down payment and the other costs.