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

Respuesta :

Answer: The final payment if the loan is paid off with the next payment will be $210.

Step-by-step explanation:

Since er  have given that

Principal amount = $200

Rate of interest = 5%

Time taken by Christina = 12 months = 1 year

So, Simple interest for the year

[tex]S.I.=\frac{P\times R\times T}{100}\\\\=Interest=\frac{200\times 5\times 1}{100}\\\\=\$10[/tex]

[tex]Amount=200+10=\$210[/tex]

So, the final payment if the loan is paid off with the next payment will be $210.