Question 1197708
if you use a financial calculator, it will tell you the following:
the bank loan will be completely payed off in 16.888631703 years.
the total payments will have been that * 1000 = 16,886.31703 dollars.
that minus 8000 = 8,886.31703 dollars.
that's the total interest paid on the loan.
what actually happens is between you and the bank and how they handle the last year of payment.