Laurent moved from Quebec City to Montreal. He has his eye on the Plateau, which is a great area with lots of restaurants. He wants to save sufficient money for a down payment that allows him to have a conventional mortgage so as to avoid having to pay for mortgage loan insurance with the Canada Mortgage Housing Corporation (CMHC). The new condo units that he is interested in are on the market for $132,000. How long would it take Laurent to save for the 20% down payment, if interest is at 6.75% compounding monthly with monthly savings of $351?

Select one:

a.

42 months

b.

70 months

c.

63 months

d.

60 months

e.

65 months