Accumating the down payment

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Accumating the Down Payment. Paul want to purchase hiw 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 he can save $400 per month. The home he desires costs $100,000, and this real estate broker informed him that a down payment of 20% would be required. If Paul can earn 8% on his savings, how long will it take him to accumulate the required down payment?

Reference no: EM132740287

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