Today, you borrowed $6,200 on your credit card to purchase some turniture. The interest rate is 14.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $1207 A. 5.87 years B. 6.40 years C 6.93 years 7.23 years 8. You have been investing $250 a month for the last 13 years. Today, your investment account is worth $73,262. What is your average rate of return on your investments? A. 8.94 percent B. 9.23 percent C. 9.36 percent D. 9.41 percent 9. You just settled an insurance claim. The settlement calls for increasing payments over a 10-year period. The first payment will be paid one year from now in the amount of $10,000. The following payments will increase by 4.5 percent annually. What is the value of this settlement to you today if you can earn 8 percent on your investments? A. $76,408.28 B. $80,192.76 C. $82,023.05 D. $84,141.14 You just won a national sweepstakes! For your prize, you opted to receive never-ending payments. The first payment will be $12,500 and will be paid one year from today. Every year thereafter, the payments will increase by 3.5 percent annually. What is the present value of your prize at a discount rate of 8 percent? A. $166,666.67 B. $248,409.19 C. $277,777.78 D. $291,006.12