$($Annulty number of periods$)$ You've just bought a new flat$-$screen TV for $$3,400$ and the store

you bought it from offers to let you finance the entire purchase at an annual rate of $15$ percent

compounded monthly. If you take the financing and make monthly payments of $$100,$ how long

will it take to pay off the loan? How much will you pay in interest over the life of the loan?

a$.$ The number of years it will take to pay off the loan is $3\mathrm{.}8$ years. $($Round to one

decimal place.$)$

b$.$ The amount you will pay in interest over the life of the loan is $

$($Round to the

nearest cent.$)$