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Sagot :
Using proportions, it is found that the final payment if the loan is paid off with the fifth payment is of $488.152.
What is a proportion?
A proportion is a fraction of a total amount, and the measures are related using a rule of three.
In this problem, balance of $435.85 with interest rate of 12%, hence the final payment is given by:
P = 435.85 x 1.12 = $488.152.
More can be learned about proportions at https://brainly.com/question/24372153
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