You plan on purchasing a car in the next year. The car that you are interested in lists for $23,000 after taxes, license, and doc fees. You currently have two-thirds of the vehicles value saved and you get paid $1,312.00 twice a month. Given that monthly expenses total $1,150.12, Social Security is 6.2% of your income, Medicare is 1.45% of your income, and you pay State and Federal taxes in the amount of $53.00 and $101.35, respectively, twice a month, determine in how many months you will have to save for so that you can purchase the car without financing. Round all your answers to the nearest cent. Round your answer to the nearest month. a.
7 months
c.
8 months
b.
6 months
d.
9 months