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.