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Iteru [2.4K]
3 years ago
9

Total cost and interest for a loan

Mathematics
1 answer:
Zinaida [17]3 years ago
5 0

Answer:

The total cost was $ 15,042.52, and the interest percentage applied on the loan was 8.22%.

Step-by-step explanation:

Given that to purchase $ 13,900 worth of lab equipment for her business, Amy made a down payment of $ 1900 and took out a business loan for the rest, and after 3 years of paying monthly payments of $ 365.07, she finally paid off the loan to determine the total cost and interest applied on the loan, the following calculation must be made:

(365.07 x 12 x 3) + 1900 = Total cost

4,380.84 x 3 + 1900 = Total cost

13,142.52 + 1900 = Total cost

15,042.52 = Total cost

13900 = 100

15042.52 = X

15042.52 x 100/13900 = X

1,504,252 / 13,900 = X

108.22 = X

Therefore, the total cost was $ 15,042.52, and the interest percentage applied on the loan was 8.22%.

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Given the following data: X 1 4 6 7 Y 9 7 8 1 a) Find the coefficient of correlation. b) Find the equation of the regression lin
Viktor [21]

Answer:

a) r=-0.719

b) y=10.642-0.976x

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Step-by-step explanation:

a)

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sumy=9+7+8+1=25

sumxy=1*9+4*7+6*8+7*1=92

sumx²=1²+4²+6²+7²=102

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The correlation coefficient is computed by following formula

r=\frac{nsumxy-(sumx)(sumy)}{\sqrt{[nsumx^{2} -(sumx)^2][nsumy^2-(sumy)^2]}}

r=\frac{4(92)-(18)(25)}{\sqrt{[4(102) -(18)^2][4(195)-(25)^2]}}

r=\frac{368-450}{\sqrt{[408 -324][780-625]}}

r=\frac{-82}{\sqrt{[84][155]}}

r=\frac{-82}{\sqrt{13020}}\\r=\frac{-82}{114.1052}\\r=-0.7186

By rounding r to 3 decimal places we get r=-0.719.

b)

The regression equation can be written as y=a+bx

We have to find "a" and "b" for regression equation

b=\frac{nsumxy-(sumx)(sumy)}{{nsumx^{2} -(sumx)^2}}

a=ybar-b(xbar)

b=\frac{4(92)-(18)(25)}{{4(102) -(18)^2}}

b=\frac{-82}{{84}}

b=-0.976

xbar=sumx/n

xbar=18/4=4.5

ybar=sumy/n

ybar=25/4=6.25

a=ybar-b(xbar)

a=6.25-(-0.976)4.5

a=6.25+4.392

a=10.642

Thus, the regression equation is

y=a+bx

y=10.642-0.976x

c)

The predicted value of y for x=3 can be computed by putting the value of x in regression equation

y=10.642-0.976(3)

y=10.642-2.928

y=7.714

Hence, the predicted y-value for x=3 is 7.714.

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