Solving an equation means finding the value of x which will make the equation true.
We need to undo whatever is done to x to get it by itself.
Conclusion:
Since we end up with an equation which is not TRUE, there is NO solution for this equation. If we graph both the equations, they will end up as a parallel lines which will never meet.
Monthly payments, P = {R/12*A}/{1- (1+R/12)^-12n}
Where R = APR = 4.4% = 0.044, A = Amount borrowed = $60,000, n = Time the loan will be repaid
For 20 years, n = 20 years
P1 = {0.044/12*60000}/{1- (1+0.044/12)^-12*20} = $376.36
Total amount to be paid in 20 years, A1 = 376.36*20*12 = $90,326.30
For 3 years early, n = 17 year
P2 = {0.044/12*60,000}/{1-(1+0.044/12)^-12*17} = $418.22
Total amount to be paid in 17 years, A2 = 418.22*17*12 = $85,316.98
The saving when the loan is paid off 3 year early = A1-A2 = 90,326.30 - 85,316.98 = $5,009.32
Therefore, the approximate amount of savings is A. $4,516.32. This value is lower than the one calculated since the time of repaying the loan does not change. After 17 years, the borrower only clears the remaining amount of the principle amount.
Answer:
a. Scatterplot is attached.
b. Positive Correlation
c. Correlation coefficient=0.9219
Step-by-step explanation:
a.
The following procedure will be used to obtain the scatter plot
- Open an Google Sheets file online or excel sheet on your computer.
- In column B and C, enter the Income and Vacation data as provided above.
- Select the data > click on insert CHART.
- Chose Scatter Chart option
A scatter plot visualizing your data should be displayed as attached.
b.
- On your computer, open a spreadsheet in Google Sheets.
- Double-click on your scatter plot.
- At the right, click on Customize tab and then Series.
- Scroll down and check the Trend line box
-From the trend line, your notice that your variables have a positive correlation.
-As the income increases, so does vacation expenditure.
c. The correlation coefficient can be calculated as follows.
- Click on any empty cell in the sheet and enter the formula
- "=CORREL((y-axis range),(x-axis range))"
- ENTER
-From our Google Sheets calculation our variables have a positive correlation and the correlation coefficient is 0.9219
-The correlation coefficient,r can also be calculated manually:
-let x be income, and y be vacation and divide all the values by 100 to make the smaller and easier to manipulate:
![r=\frac{n(\sum xy)-(\sum x)(\sum y)}{\sqrt{[n\sum x^2-(\sum x)^2][n\sum y^2-(\sum y)^2}}\\\\\\\sum xy=153914\\\sum x=4485\\\sum y=246\\\sum x^2=2878447\\(\sum x)^2=4485^2=20115225\\(\sum y)^2=246^2=60516\\\sum y^2=8392\\n=8\\\\\#substitute \ and \ solve \ for \ r\\\\=\frac{8\times153914-4485\times 246}{\sqrt{[8\times 2878447-4485^2][8\times 8392-246^2]}}\\\\=0.92186\\\\\approx 0.9219](https://tex.z-dn.net/?f=r%3D%5Cfrac%7Bn%28%5Csum%20xy%29-%28%5Csum%20x%29%28%5Csum%20y%29%7D%7B%5Csqrt%7B%5Bn%5Csum%20x%5E2-%28%5Csum%20x%29%5E2%5D%5Bn%5Csum%20y%5E2-%28%5Csum%20y%29%5E2%7D%7D%5C%5C%5C%5C%5C%5C%5Csum%20xy%3D153914%5C%5C%5Csum%20x%3D4485%5C%5C%5Csum%20y%3D246%5C%5C%5Csum%20x%5E2%3D2878447%5C%5C%28%5Csum%20x%29%5E2%3D4485%5E2%3D20115225%5C%5C%28%5Csum%20y%29%5E2%3D246%5E2%3D60516%5C%5C%5Csum%20y%5E2%3D8392%5C%5Cn%3D8%5C%5C%5C%5C%5C%23substitute%20%5C%20and%20%5C%20solve%20%5C%20for%20%5C%20r%5C%5C%5C%5C%3D%5Cfrac%7B8%5Ctimes153914-4485%5Ctimes%20246%7D%7B%5Csqrt%7B%5B8%5Ctimes%202878447-4485%5E2%5D%5B8%5Ctimes%208392-246%5E2%5D%7D%7D%5C%5C%5C%5C%3D0.92186%5C%5C%5C%5C%5Capprox%200.9219)
Answer:
31/7 = 4 3/7.....3/7 is less then 1/2....so the closest integer is 4
Step-by-step explanation:
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