Question

Select the correct answer. The scatter plot shows the balance of a loan over the course of four years. Assuming the line of best fit for the given scatter plot is y=-311.75x + 20,102, what was the approximate balance of the loan in month 30?

Answer 1

Answer:

The approximate balance of the loan in month 30 is;

$\text{ \ 10,749.50}$

Explanation:

Given that the equation of the line of best fit that represent the balance on a loan over a course of 4 years is;

$y=-311.75x+20,102$

To calculate the balance after 30 months, lets substitute x=30;

$\begin{gathered} y=-311.75(30)+20,102 \\ y=-9,352.5+20,102 \\ y=10,749.50 \end{gathered}$

Therefore, the approximate balance of the loan in month 30 is;

$\text{ \ 10,749.50}$