Total Car Cost

Total Car Cost Simple Interest = $11,697.40
Cost of Car + (cost of car * loan interest rate * loan time)
$8998 + (8998*0.06*5) = $11,697.40

Total Car Cost Compound Interest = $12,039.32
Cost of Car * (1 + loan interest rate)^5
$8998 * (1 + .06)^5 = $12,039.32

Simple interest financing is the cheaper option.
It saves $341.92.

Simple vs. Compound
Interest