Answer: 5.9 years
Step-by-step explanation:
The amount they need to save is the down payment for the house:
= 800,000 * 15%
= $120,000
They are saving a total of:
= 1,050 + 490
= $1,540 per month
Interest is 3.4%/12 as it is monthly.
On excel, insert the details as shown in the attachment.
You should get 70.5 months.
In years this is:
= 70.5/12
= 5.9 years