Answer:
1) $8000
2) $1000
3) 8 months, since y represents our remaining amount to be paid, we set it equal to 0, to see when $0 need to be paid. Solving for x (months), we can it to be 8.
Step-by-step explanation:
We have the equation y = -1000x + 8000 which follows the linear equation:
y = mx + b, where m is our slope and b is our y-intercept
1) The initial balance can be found with our constant "b" which in this case is 8000. You can also plot the function of y and you will find that 8000 is the intercept when x = 0, aka the start
2) We can calculate the rate of change for when the loan is repaid by looking at the slope "m", in this case it is 1000. It subtracts 1000 each month, meaning $1000 is being payed and taken out of the bank account
3) To find how many months it will take for the loan to be repaid, let's solve for x when y = 0.
0 = -1000x + 8000
-8000 = -1000x
8 = x
It will take 8 months. Why? Since y represents our remaining amount to be paid, we set it = 0, to see when $0 need to be paid. Solving for x (months), we can it to be 8.
