Question

What are the estimated principal balances after 15, 20, and 30 payments, using the best fit function y = -465.4569x + 17,267.6?

a) $10,285.75 / $7,958.46 / $3,303.89
b) $10,752.14 / $7,332.91 / $2,920.65
c) $11,150.68 / $6,889.21 / $2,607.93
d) $9,846.22 / $8,476.39 / $3,972.14

Answer 1

The estimated principal balances after 15, 20, and 30 payments are $9,846.22, $8,476.39, and $3,972.14 respectively.

Step-by-step explanation:

To find the estimated principal balances after 15, 20, and 30 payments, we can substitute the values of x (number of payments) into the equation y = -465.4569x + 17,267.6.

Substituting x = 15:

y = -465.4569 * 15 + 17,267.6 = $9,846.22

Substituting x = 20:

y = -465.4569 * 20 + 17,267.6 = $8,476.39

Substituting x = 30:

y = -465.4569 * 30 + 17,267.6 = $3,972.14

Therefore, the estimated principal balances after 15, 20, and 30 payments are $9,846.22, $8,476.39, and $3,972.14 respectively. The correct answer is d) $9,846.22 / $8,476.39 / $3,972.14.