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alan pays $25,000 for a truck from akins ford. they charge 8% interest . he has decided to finance it for 36 months .how much interest will alan pay ?
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alan pays $25,000 for a truck from akins ford. they charge 8% interest . he has decided to finance it for 36 months .how much interest will alan pay ?

User Oleksandr Mosur
by
7.9k points

1 Answer

6 votes
assuming the interest compounds once a year:
36 months=3 years
price in 3 years: 25000*1.08^3=$31492.8
gained interest: 31492.8-25000=$6492,8
User Suchith
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