To calculate the monthly cost of an $8,000 loan, we need to know the interest rate and the loan term. Assuming an annual interest rate of 6% and a loan term of 3 years (36 months), we can use the formula for calculating the monthly payment on an amortizing loan:

[ Monthly\ Payment = \frac{{P \times r \times (1 + r)^n}}{{(1 + r)^n – 1}} ]

Where:

- ( P ) = Principal amount (loan amount) = $8,000
- ( r ) = Monthly interest rate (annual interest rate divided by 12)
- ( n ) = Total number of payments (loan term in months)

First, let’s calculate the monthly interest rate:

[ r = \frac{{Annual\ Interest\ Rate}}{{12}} = \frac{{6\%}}{{12}} = 0.06 \times \frac{{1}}{{12}} = 0.005 ]

Now, let’s determine the total number of payments over 3 years:

[ n = 3 \times 12 = 36 ]

Now, plug the values into the formula:

[ Monthly\ Payment = \frac{{8000 \times 0.005 \times (1 + 0.005)^{36}}}{{(1 + 0.005)^{36} – 1}} ]

By performing the calculations, you’ll find the monthly payment amount for the $8,000 loan over 3 years. This calculation will give you the exact monthly payment you need to make to pay off the loan in 3 years at the given interest rate.