Paul really wants to purchase his own condo. He currently

Paul really wants to purchase his own condo. 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 $700 per month. The condo he desires costs $120000 and his real estate broker informs him that a down payment of 10 percent would be required. If Paul can earn 6 percent, compounded annually, on his savings, after tax, how long will it take him to accumulate the required down payment?

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