The graph and table below give the monthly principal and interest payments for
a mortgage from 1999 to 2004. Use this information to predict the payment for
2005.Year Payment
1999 $578
2000 613
2001 654
2002 675
2003 706
2004 730
2005
My estimate is $750 ($749.50) but you have not provided all the information. You will not be able to reproduce a graph here.
Are you sure the 2001 entry is not 645? If you use 654, you do not get a smooth curve.
I agree with the 750 estimate for the 2005 entry. The decrease of monthly payments, which occurs annually, is reduced by about 2$ per year.
To predict the payment for 2005, we can analyze the given data and look for any patterns or trends. In this case, we have the monthly principal and interest payments for a mortgage from 1999 to 2004.
One possible approach is to observe the trend in payments over the years and make an assumption about how it will continue in 2005. Let's start by analyzing the payment amounts from 1999 to 2004.
Based on the given data, we can see that there is an overall increasing trend in the payments over the years. From 1999 to 2004, the payments increase by the following amounts: 35, 41, 21, 31, and 24.
To estimate the payment for 2005, we can calculate the average increase in payments per year and project this increase onto the previous year's payment.
To compute the average increase, we sum up the payment increases from 1999 to 2004 and divide by the number of years:
(35 + 41 + 21 + 31 + 24) / 5 = 30.4
Now, we project this average increase onto the previous year's payment (2004 payment). The estimated payment for 2005 would be:
2004 payment (730) + average increase (30.4) = 760.4
Therefore, the predicted payment for 2005 is $760.4.
Keep in mind that this is just an estimation based on the given data and assumes that the trend will continue. There may be other factors or variables that could influence the actual payment amount for 2005 that are not accounted for in this analysis.