Roper fox took out a simple interest loan at 5% interest for 12 months. his previous balance is $200. what is his final payment if the loan is paid off with the next payment?

His final payment if the loan is paid off with the next payment is:

            $ 200.83

It is given that:

Roper Fox took out a simple interest loan at 5% interest for 12 months.

His previous balance is $200.

The interest on the loan that is to be paid on the previous balance is calculated as:

Hence, the final payment is:

    Previous balance+Interest

= 200+0.83

=$ 200.83

          Hence, the answer is:

               $ 200.83

7

step-by-step explanation:

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