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?

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2016-09-25 02:35:23

how i looked at this was finding the interest total in 1 year which is $10. since he is paying it off at the next payment(in one month) divide 10 by 12 for the interest in one month add that $200 as that was the base starting price

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