Marcus is planning to propose to his girlfriend melody next week. since he is a poor college student, marcus decides that he needs to get a loan so that he can get melody the ring of her dreams. the engagement ring he chooses costs $3,500 and is financed with a 3 year, 4% (compounded monthly) interest rate. if marcus takes all 3 years to pay the ring off, how much will he have really ended up spending on melody’s ring? (see example 4.1.)