The final payment will be 2,384.17 if Leonardo da vinci took out A simple interest loan at 12.75% interest for 12 months.
What is simple interest?
It is defined as the interest on the based on the principal amount, it does not include the compounded amount. The interest calculate on the initial amount or borrowed amount.
We know the formula of simple interest:
A = P(1 + rt)
We have:
P = 942.36
r = 12.75% = 0.1275
t = 12 months
A = 942.36(1 + 0.1275×12)
After calculating:
A = 2,384.17
Thus, the final payment will be 2,384.17 if Leonardo da vinci took out A simple interest loan at 12.75% interest for 12 months.
Learn more about the simple interest here:
brainly.com/question/22621039
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