Lindsay needs to purchase a car. The car she is planning on purchasing costs $8,000 and she has $2,000 that she will be using as a down payment. She is offered credit terms of 3% APR for a term of 3 years. Please calculate the following:

1) The total amount of interest she will pay over the 3 year period (in dollars)

2) The actual cost of the car after financing is added in (in dollars)

3) The monthly payment she will owe (in dollars)

Question

Lindsay needs to purchase a car. The car she is planning on purchasing costs $8,000 and she has $2,000 that she will be using as a down payment. She is offered credit terms of 3% APR for a term of 3 years. Please calculate the following:

1) The total amount of interest she will pay over the 3 year period (in dollars) 

2) The actual cost of the car after financing is added in (in dollars)

3) The monthly payment she will owe (in dollars)