Question number 7. John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing $ 200 per month for the next 3 years in a savings account with a rate of 7% per year compounded monthly. How much will he have saved toward his down payment at the end of the 3 year period? $ 7,956.02 $ 8,006.02 $ 7,976.02 $ 8,026.02 $ 7,986.02 None of the above.