2. Target heart rate is for cardiovascular exercise, which is necessary for your heart health (this is also called zone 4, in which you burn sugar); but sounds like you'd like to burn some fat, then you need to hit zone 3 (heart rate lower than zone 4), for a longer period of time, say 30 mins or so.
You can also achieve this goal by doing multi-joint movement, for example, squat while weight lifting, etc. Alternate different moves makes the work out sessions more interesting and helps different body parts to exercise.
Hope this helps!