Question: Jean-Pierre decided to start saving to purchase a studio condo as he finds them to be more affordable and the perfect size for a bachelor.

Jean-Pierre decided to start saving to purchase a studio condo as he finds them to be more affordable and the perfect size for a bachelor. He however needs to save enough for a down payment for a conventional mortgage to avoid having to pay for mortgage loan insurance with the Canada Mortgage Housing Corporation (CMHC). He is eyeing the new condo units being built down his street and saw them listed for $132,000. How long would it take Jean-Pierre to save for the 20% down payment, if interest rates are at 6.75% compounding monthly? Jean-Pierre could set aside monthly savings of $351 for the down payment. Select one: a. 63 months b. 70 months c. 42 months d. 60 months e. 65 months

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