answer is C, but is there a simple equation to solve this question?

31. Your survey company has decided to purchase a robotic total station field survey system for $40,000. The payment schedule recited in the loan agreement is $8,000 plus interest due payable at the end of each year. If the system is financed at 8% simple interest for 5 years, the additional cost to your company for financing versus paying cash when the system is delivered is most nearly: . . $2,000 $3,200 $9,600 $16,000 . DO OD _30) 90,000 x0.06 3,200.00 32000 19.06 2569.00 24,000. x0000 1,420.00 16,900 20.06 11,290.00 16,000 x0.06 640.00 total = 19,699.00