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19 June, 03:31

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?

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  1. 19 June, 06:10
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    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
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