In 2011 home prices and mortgage rates dropped so low that in a number of cities the monthly cost of owning a home was less expensive than renting. The following data show the average asking rent for 10 markets and the monthly mortgage on the median priced home (including taxes and insurance) for 10 cities where the average monthly mortgage payment was less than the average asking rent (The Wall Street Journal, November 26-27, 2011) Click on the datafile logo to reference the data DATA file Mortgage (S) 539 1002 626 Rent ($) 840 1062 823 779 796 1071 953 851 762 723 ty Atlanta Chicago Detroit Jacksonville, Fla. Las Vegas Miami Minneapolis Orlando, Fla. Phoenix St. Louis 655 977 776 695 651 654 Enter negative values as negative numbers a. Develop the estimated regression equation that can be used to predict the monthly mortgage given the average asking rent (to 2 decimals) The regression equation is Mortgage ($) Rent ($)

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Inverse Normal Distribution

The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.

Mean, Median, Mode

It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.

Z-Scores

A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.