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?
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