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Paul wants to purchase his own home. He currently lives in an​ apartment, and his rent...

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 ​$366 per month. The home he desires costs ​$148,000​ and his real estate broker informs him that a down payment of 20​% would be required. If Paul can earn 4​% on his​ savings, how long will it take him to accumulate the required down​ payment?

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Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

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