Answer:
Given,
The present value of the loan, P.V. = $ 51,000,
Annual rate of interest = 12 %,
So, the rate per month, r = = 1 % = 0.01,
Also, the monthly payment, P = $ 650,
Let n be the number of months,
Since, monthly payment of a loan is,
By graphing calculator,
Hence, it will take approximately 154 months to pay off the loan.
Part A: The y-intercept of the line of best fit is about 4. This represents the starting point, or figure 0.
Part B: Using the line, you could determine that the slope is about 3/2, or 1.5, and the 13th month would be at about 24 matches.
Equation: y=4x+1.5
Hope this helps,
LaciaMelodii :)