You are late paying a bill for $14,586.93. You have made arrangements to pay off the bill in installments of $380 per month, and you will be charged monthly interest of 1.6% on the overdue balance. How many months will it take you to pay off the account balance? How many months will it take you to pay off the account balance? months (Round to the nearest whole number.) Sally wants to buy a Ford Mustang. The MSRP is $25,167. Ford offers a purchase financing plan with no money down and 60 end-of-month payments of $490. Should she buy the car for cash or take Ford's purchase financing? Assume that she has the cash and that she could invest her money and earn at least 2%. What is the present value of all the payments? (Round to the nearest cent.) You are 40 years old and want to retire at age 55. Each year, starting one year from now, you will deposit an equal amount into a savings account that pays 6.7% interest. The last deposit will be on your 55th birthday. On your 55th birthday you will switch the accumulated savings into a safer bank account that pays only 4.4% interest. You will withdraw your annual income of $130,000 at the end of that year (on your 56th birthday) and each subsequent year until your 75th birthday. On that birthday you want to give $250,000 to your children. How much do you have to save each year to make this retirement plan happen? How much do you have to save per year during your working years in order to achieve your retirement goal? (Round to the nearest cent.)