Question

Leonardo da vinci took out A simple interest loan at 12.75% interest for 12 months. His previous balance is % 942.36. What is his final payment if the loan is paid off with the next payment?

Answer 1

Answer:

A = 2,384.1708

Step-by-step explanation:

A = P(1  + rt)

P = 942.36

r = 12.75%

t = 12 months

A = 942.36(1 + 12.75/100(12))

A = 942.36(2.53)

A = 2,384.1708