High School

The square footage and monthly rental of 10 similar two-bedroom apartments yield the linear regression formula [tex]y = 1.165x + 615.23[/tex], where [tex]x[/tex] represents the square footage of the apartment and [tex]y[/tex] represents the monthly rental price.

Part 1: Use the formula to determine the monthly rent for an apartment that has 1,500 square feet.

Part 2: Based on the recommendation that no more than 28% of your monthly gross income should be spent on housing, can Jacob afford this rental if he makes $8,000 each month? Explain in a sentence.

Answer :

The monthly rent for the apartment is $2362.73 and Jacob can afford this rental

How to to determine the monthly rent for the apartment

Given that

y=1.165x+615.23:

Substitute x = 1500 into the regression formula y=1.165x+615.23:

y = 1.165(1500) + 615.23

y = 2362.73

So, the monthly rent for an apartment with 1,500 square feet would be approximately $2362.73

Can Jacob afford the retail

If Jacob makes $8,000 each month, 28% of his monthly gross income on housing would be:

0.28 x $8,000 = $2,240

$2,240 is greater than the estimated monthly rent of $2,362.73,

Hence, Jacob can afford this rental according to the recommended guideline.

Read more about linear relation at

https://brainly.com/question/10209928

#SPJ1

Other Questions