I need help asap You plan to finance the purchase of a $1,200 electric scooter with a 12-month loan at 12% interest with a balance of $816.04 after the fourth payment. What is the final payment amount if you pay off the loan with the fifth payment?

Based on the information given regarding the loan and interest, the final payment amount will be $527.96.

From the information given, since the person purchased a $1,200 electric scooter with a 12-month loan at 12% interest, the amount give repaid will be:

= $1200 + ($1200 × 0.12 × 1)

= $1200 + $144

= $1344

Since the balance of $816.04 is gotten after the fourth payment, the remaining amount will be:

= $1344 - $816.04

= $527.96

Learn more about interest on:

25

step-by-step explanation: