Question 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.

Question

write the answer with this:
Sample work and explanation:
The monthly interest charge is of your balance.
% =/100 =
Find Monthly interest charge:
() () = $
The monthly interest charge is $.

Answer 1

To calculate the monthly interest charge on the credit card balance for the violin, we will follow the steps outlined in the sample work.

1. Determine the monthly interest rate:
   The annual interest rate is given as 3.35%, so we convert it to a monthly rate by dividing by 100:
   \[ \text{Monthly Interest Rate} = \frac{3.35}{100} = 0.0335 \]

2. Find the monthly interest charge on the balance:
   The balance is the cost of the violin, which is $2,900. To find the interest charge, we multiply the balance by the monthly interest rate:
   \[ \text{Monthly Interest Charge} = \text{Balance} \times \text{Monthly Interest Rate} \]
   \[ = 2900 \times 0.0335 \]
   \[ = 97.15 \]

Thus, the calculation can be summarized as follows:

Sample work and explanation:
The monthly interest charge is calculated based on your balance.
\[ \text{Monthly Interest Rate} = \frac{3.35}{100} = 0.0335 \]
Find the Monthly interest charge:
\[ \text{Monthly Interest Charge} = 2900 \times 0.0335 = 97.15 \]
The monthly interest charge is $97.15.