The extended Lagrangian molecular dynamics (XLMD) method provides a useful framework for reducing the computational cost of a class of molecular dynamics simulations with constrained latent variables. The XLMD method relaxes the constraints by introducing a fictitious mass $varepsilon$ for the latent variables, solving a set of singularly perturbed ordinary differential equations. While favorable numerical performance of XLMD has been demonstrated in several different contexts in the past decade, mathematical analysis of the method remains scarce. We propose the first error analysis of the XLMD method in the context of a classical polarizable force field model. While the dynamics with respect to the atomic degrees of freedom are general and nonlinear, the key mathematical simplification of the polarizable force field model is that the constraints on the latent variables are given by a linear system of equations. We prove that when the initial value of the latent variables is compatible in a sense that we define, XLMD converges as the fictitious mass $varepsilon$ is made small with $mathcal{O}(varepsilon)$ error for the atomic degrees of freedom and with $mathcal{O}(sqrt{varepsilon})$ error for the latent variables, when the dimension of the latent variable $d$ is 1. Furthermore, when the initial value of the latent variables is improved to be optimally compatible in a certain sense, we prove that the convergence rate can be improved to $mathcal{O}(varepsilon)$ for the latent variables as well. Numerical results verify that both estimates are sharp not only for $d =1$, but also for arbitrary $d$. In the setting of general $d$, we do obtain convergence, but with the non-sharp rate of $mathcal{O}(sqrt{varepsilon})$ for both the atomic and latent variables.