I need a little help with my financial planning?
Corrina purchased a motorcycle for $8,487. She made a down payment of $2,225. She applied for a four-year installment loan with an interest rate of 11.2%. What is the total cost of the motorcycle after four years?

$7,797.60

$10,022.60

$10,568.64

$12,793.64

Question

I need a little help with my financial planning? 
Corrina purchased a motorcycle for $8,487. She made a down payment of $2,225. She applied for a four-year installment loan with an interest rate of 11.2%. What is the total cost of the motorcycle after four years?

$7,797.60

$10,022.60

$10,568.64

$12,793.64

anonymous · Answer

8487 - 2225 = the financied amount

anonymous · Answer

then ia it simple interest or compound

anonymous · Answer

I'm pretty sure it's simple interest

anonymous · Answer

okay the its (8487 - 2225) get your answer do this
answer times years times 0.112 = Interest paid
8487 plus interest paid. If its simple interest

anonymous · Answer

I got 8662.336 when i did that? 
I did 6262*(1/4)*0.112= 175.336+8487