When money is borrowed to purchase an automobile, the amount borrowed A determines the monthly payment P. In particular, if a dealership offers a 5-year loan at 2.9% interest, then the amount borrowed for the car determines the payment according to the following table. Use the table to define the function P = f (A) in Exercises.
Amount Borrowed ($) | Monthly Payment ($) |
10,000 | 179.25 |
15,000 | 268.87 |
20,000 | 358.49 |
25,000 | 448.11 |
30,000 | 537.73 |
Car Loans
a. Are the first differences of the outputs in the table constant?
b. Is there a line on which these data points fit exactly?
c. Write the equation P = f (A) of the line that fits the data points in the table, with coefficients rounded to three decimal places.
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