You want to invest in a property in Japan and you currently have $15,000. You need to have a 10% down payment and an additional 5% ofthe loan amount for closing costs. The property will cost about $150,000 and you can earn 7.5% per year. How long will it be before you have enough money for the down payment and closing costs ? Down payment = $150,000 x 10% = $15,000 Closing cost = ($150,000 - $15 000 x 5% = $6,750 FV + S6,7so-S21, 50 + t 75 t = 5.14 years