You owe $\$ 35,000$ on student loans at an interest rate of $4.35 \%$ compounded monthly. You want to pay off the loan in 8 years.
What will your monthly payments be?
How much interest do you pay?

Step 1 ：Given that the student loan amount is $35,000 with an annual interest rate of 4.35% compounded monthly, and the loan is to be paid off in 8 years.

Step 2 ：We need to find the monthly payments and the total interest paid.

Step 3 ：We use the formula for the monthly payment on a loan: \(P = \frac{r \times PV}{1 - (1 + r)^{-n}}\), where \(P\) is the monthly payment, \(r\) is the monthly interest rate (annual rate divided by 12), \(PV\) is the present value or principal of the loan, and \(n\) is the number of payments (months).

Step 4 ：Substituting the given values into the formula, we get \(P = \frac{0.003625 \times 35000}{1 - (1 + 0.003625)^{-96}}\).

Step 5 ：Solving this, we find that the monthly payment \(P\) is approximately $432.35.

Step 6 ：We then calculate the total amount paid over the 8 years by multiplying the monthly payment by the number of months: \(total\_paid = P \times n = 432.35 \times 96\).

Step 7 ：Solving this, we find that the total amount paid is approximately $41,505.27.

Step 8 ：We then subtract the initial loan amount from the total amount paid to find the total interest paid: \(total\_interest = total\_paid - PV = 41505.27 - 35000\).

Step 9 ：Solving this, we find that the total interest paid is approximately $6,505.27.

Step 10 ：Final Answer: The monthly payments will be approximately \(\boxed{432.35}\) and the total interest paid will be approximately \(\boxed{6505.27}\).