Question: Paul wants to purchase his own home. He currently lives in an apartment, and his rent is being paid by his parents. Pauls parents have

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 $ 400 per month. The home he desires costs $ 100,000, and his real estate informs 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?

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