Question

A credit card company charges $15 when a payment is late and $5 per day each day the payment remains unpaid. Find the linear equation that expresses the late payment fee in terms of the number of days the payment is late and answer the following questions:

1. (2 pts.) What are the dependent and independent variables of the linear equation?

2. (3 pts.) What are the y-intercept and the slope of the linear equation?

3. (3 pts.) What is the late payment fee when the payment is one week late?

4. (2 pts.) Is the correlation between the late payment fee and the number of days the payment is late positive or negative?

Answer 1

late_payment = y

days = x

y = 5*x + 15

1) Dependent variable is y that is late late_payment and independent variable is x that is number of days for late payment

2) y = mx + c , In this equation m is slope and c is y intercept.

So if we compare it with our linear equation that slope is 5 and y intercept is 15. You can see the graph also the line is crossing y axis as 15.

3) x = 7 , the y = 7*5 + 15 = 50, late_payment is 50

4) The correlation is positive.

Happy Learning!