Question: Use the given payment schedule. a. What is the loan amount? b. What is the length of the loan? c. What is the approximate monthly

Use the given payment schedule.

a. What is the loan amount?
b. What is the length of the loan?
c. What is the approximate monthly payment rounded to the nearest cent?
d. What is the total interest paid over the life of the loan?
e. Construct a scatterplot using the data points (year, loan balance).
f. Write a linear regression equation that approximates the year/loan balance relationship. Round to the nearest hundredth.
g. Write a quadratic regression equation that approximates the year/loan balance relationship. Round to the nearest hundredth.
h. Write a cubic regression equation that approximates the year/loan balance relationship. Round to the nearest hundredth.

Yearly Payment Schedule Year Principal Paid Interest Paid Loan Balance $ 35,000.00 3,291.90 34,226.68 S 3,215.15 33,376.60 2012 934.44 3,130.7832,442.16 3,038.04 31,414.97 2,936.1030,285.84 2,824.03 29,044.65 2,700.8527,680.27 2,565.44 26,180.48 2,416.59 24,531.84 $2,252.96 22,719.57 S 2,073.10 20,727.45 2021 $2,189.84 1,875.3918,537.61 $ 1,658.05$16,130.43 2023 $ 2,646.08 1,419.1413,484.34 1,156.53 10,575.64 $ 7,378.26 $ 3,863.54 0.00 2010 $ 773.32 2011 $ 850.08 2013 $ 1,027.18 2014 1,129.13 2015 $1,241.19 2016 $1,364.38 2017$ 1,499.79 2018 $ 1,648.64 2019 $ 1,812.26 2020 1,992.13 2022 $ 2,407.18 2024 $ 2,908.70 2025 3,197.38 2026 3,514.72 2027 3,863.54 $ 867.84 550.51 s 201.69

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