Accumulating the Down Payment. Paul wants to purchase his own home. He currently lives in an apartment, and his rent is being paid by his parents. Paul parents informed him that they would not pay his mortgage payments. Paul has no savings, but he can save $400 per month. The home he desires costs $100,000, and his real estate broker informed him that a down payment of 20% would be required. If Paul can earn 8% on his savings, how much will it take him to accumulate the requiered down payment?