Bkv03 Bookkeeping Final Project Ashworth College How Do They Calculate The Short Term Portion Of The Loan?

Question

BKV03 Bookkeeping final project: Ashworth College: How do they calculate the short term portion of the loan?

If payments for 12 months would be: 1001.61×12=12019.32 or 8 months would be: 1001.61×8=8012.88, I’m not coming up with 8348? Where am I going wrong in my thought process?

Thank you

Financial Accounting