Question: Jackson is looking to purchase a condo. He is looking to have a conventional mortgage as he does not want to pay for mortgage default

Jackson is looking to purchase a condo. He is looking to have a conventional mortgage as he does not want to pay for mortgage default insurance. The new condo units that he is interested in are on the market for $132,000. How long will it take Jackson to save for the 20% down payment, if interest is at 6.75% compounding monthly with monthly savings of $371?

  1. 36 months

  2. 60 months

  3. 48 months

  4. 72 months

  5. 24 months

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