Question

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 ?

Answer 1

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