1.Phoebe realizes that she has charged too much on her credit card and has racked up $5,600 in debt. If she can pay $225 each month and the card charges 15 percent APR (compounded monthly), how long will it take her to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

2.To borrow $750, you are offered an add on interest loan at 9.1 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.)

3.Consider a person who begins contributing to a retirement plan at age 25 and contributes for 40 years until retirement at age 65. For the first ten years, she contributes $2,800 per year. She increases the contribution rate to $4,800 per year in years 11 through 20. This is followed by increases to $9,800 per year in years 21 through 30 and to $14,800 per year for the last ten years. This money earns a return of 9 percent.

First compute the value of the retirement plan when she turns age 65. (Round your answer to 2 decimal places.)

Compute the annual payment she would receive over the next 40 years if the wealth was converted to an annuity payment at 8 percent. (Round your answer to 2 decimal places.)