Question

The table shows Sofia’s payment schedule for the first year of a 3-year loan of $17,250 at an interest rate of 3%.
Part A
Open the graphing tool to see the data on a scatter plot, where the month is the independent variable and the principal balance is the dependent variable.

1. Select Relationship.
2. Select Linear.
3. Check the Best fit box.
4. Observe the best fit function calculated and provided underneath the graph.

What is the best fit function for the data?

Answer 1

Using a calculator, the equation of linear regression, which is the line of best-fit for the data, is given by:

y = -465.46x + 17,267.56.

How to find the equation of linear regression using a calculator?

To find the equation, we need to insert the points (x,y) in the calculator.

In this problem, the points are in the format (Month, Principal Balance), hence the points we have to insert in the calculator are given as follows:

(1, 16,791.47), (2, 16,331.80), to (12, 11,671.40).

Inserting these points into the calculator, the equation of linear regression, which is the line of best-fit for the data, is given by:

y = -465.46x + 17,267.56.

More can be learned about a line of best-fit at https://brainly.com/question/22992800

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