ACCUMULATING THE DOWN PAYMENT.
Paul wants to purchase his own home. He currently lives in an apartment, and his rent is being paid by his parents.Paul's parents have informed him that they would not pay his mortgage payments. Paul has no savings, but can save $587 per month. The home he desires costs $108,000, and his real estate broker informs him that a down payment of 20%would be required. If Paul can earn 5% on his savings, how long will it take him to accumulate the required down payment? To accumulate the required down payment, it would take Paul approximately _______ years. (Use your financial calculator and round to one decimal place.)
PLEASE FIND OUT HOW LONG IT WOULD FOR PAUL TO ACCUMULATE THE REQUIRED DOWN PAYMENT!