Let $R$ be a ring and let $S=\{1,s,s^2,s^3,\dots\}$ be a multiplicative system of $R$. Consider the canonical map $R\rightarrow S^{-1}R$. Is $S^{-1}R$ a finitely generated algebra over $R$? It looks like $\frac{1}{s}$ will generate $S^{-1}R$ over $R$.
If $P$ is a prime ideal of $R$, is $R_{P}$ a finitely generated algebra over $R$?
If instead of $S=\{1,s,s^2,s^3,\dots\}$ we take any arbitrary multiplicative system, is $S^{-1}R$ a finitely generated algebra over $R$?