If a musician uses his credit card to pay for a new violin that costs $2,900 and does not pay on it until the second month, what will the 3.35% monthly interest charge be at the end of the first month? show your work or explain how you got your answer. calculate the total payback for a $3,500 loan at 8% annual interest with monthly payments for two years. show all of your steps. use the formula, m = pm(1 + m)^na/(1 + m)^na - 1, as needed.

Solution:

1.  Cost of a new Violin that is bought by the musician = $ 2900

Monthly interest charge = 3.35 %

If you will find the compound interest or simple interest for a month, they both will be same for a month.

Simple interest =

Interest paid at the end of first month = $ 97.15

2. Loan Amount = $ 3,500

Annual interest = 8 %

Time period = 2 years= 24 months

As , we have to find the  total payback  for two years, at 8% annual interest with monthly payments .we will use the formula of Amount in terms of compound interest here.

Formula for Amount

Amount=

Total payback after 2 years = $ 4098.58

the 8 in 8,420 is in the thousands place so it's value is 8 thousand.

the 8 in 6,870 is in the hundreds place so it's value is 8 hundred.

divide 8000 by 800 to find the answer:

8000 / 800 = 10

the 8 in 8,420 is 10 times greater than the 8 in 6,870

step-by-step explanation:

two pairs of adjacent sides are of equal length. this implies that one diagonal divides the kite into congruent triangles, and so the angles between the two pairs of equal sides are equal in measure. it also implies that the diagonals are perpendicular.