4 pts Question 7 Suppose you want to buy a new house. You currently have $20,000 and you figure you need to have a 10% down payment plus an additional 5% of the loan amount for closing costs. Assume the type of house you want will cost $200,000 and you can earn 5.5% per year investing in an interest-bearing account (with annual compounding) at your local bank. How long will it be before you have enough money for the down payment and closing costs? 6.94 years 7.57 years 5.56 years 3.41 years None of the above