If $A$ is a commutative ring with unit, $a \in A $ and $S = \lbrace a^n \mid n \geq 0 \rbrace $ then there is an isomorphism $$S^{-1}A \cong A[x]/(1-ax).$$
In fact we can consider the homomorphism $$\phi : A[x] \to S^{-1}A$$ $$p(x) \mapsto p\left(\frac{1}{a} \right)$$
Then obviously $(1-ax) \subseteq \ker(\phi) $, but why $\ker(\phi) \subseteq (1-ax) $ ?
You can find the calculation in Voloch's note Rings of fractions the hard way. Here is another proof which uses the universal properties: If $B \in \mathsf{CRing}$, we have natural bijections
$$\hom(A[x]/(1-ax),B) \cong \{g \in \hom(A[x],B) : g(1-ax)=0\}$$ $$ = \{(f,b) \in \hom(A,B) \times |B| : f(a) b = 1\} \cong \{f \in \hom(A,B) : f(a) \in B^*\} \cong \hom(A[a^{-1}],B).$$
Hence, Yoneda tells us $A[x]/(1-ax) \cong A[a^{-1}]$.