5.42 Number of Annuity Payments Phoebe realizes that she has too much on her credit card and has racked up $6,000 in debt. If she can pay $200 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt? (LG5-10) (LG5-4, LG3-9) 5-52 Investing for Retirem enough retirement wealt provide him with $3,000 of for Retirement Ross has decided that he was etirement wealth that, if invested at 7 percent with $3,000 of monthly income for 30 years. To date, he has saved nothing, but he still has 20 years until he retires. How much money does he need to contribute per month to reach his goal? (LG5-4, LG5-9) 1 2 using Jments Loan You have secured a loan from ve ars to build your home. The terms of the (pi 46-5-10 Construction Loan y two years to build will borrow $100,000 nov ecured a loan from your bank for ve terms of the loan are that you additional $50,000 in one year. Interest of 9 percent APR will be ch Since no payments will be made during the APR will be charged on the balance monthly ill be made during the 2-year loan, the balance w. At the end of the two years, the balance will be con- verted to a traditional 15-year mortgage at a 7 percent interest rate. What will you pay as monthly mortgage payments (principal and interest only)