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