You plan on purchasing a new home in the near future. You want to place 10% down on the home and finance the remaining balance. The home that you are interested in is priced at 115,732.80 and your monthly gross salary is $2,624.00. Given that monthly expenses total $1,150.12, Social Security is 6.2% of your biweekly income, Medicare is 1.45% of your biweekly income, you pay State and Federal taxes in the amount of $53.00 and $101.35 respectively biweekly, determine in how many months you will have to save for, so that you can place a down payment of 10%. Round your answers to the nearest cent and to the nearest month. a. 9 months c. 11 months b. 10 months d. 12 months
