Hi There,Hope you well. Question 2 please Q2fluctuated from a low of nearly 3% to a high of over 14%. Is there a relationship between the amount ofmoney people borrow and the interest rate that's offered? Here is a scatterplot of Mortgage LoanAmount in the United States (in trillions of 2013 dollars) versus yearly Interest Rate since 1985. TheInterest rates and mortgages 2013 Since 1985, average mortgage interest rates havecorrelation is -0.80.6050403020681012Interest Rate (%)a) Describe the relationship between Mortgage Loan Amount and Interest Rate.b) If we standardized both variables, what would the correlation coefficient between the standardizedvariables be?c) If we were to measure Mortgage Loan Amount in billions of dollars instead of trillions of dollars, howwould the correlation coefficient change?d) Suppose that next year, interest rates were 11% and mortgages totaled $60 trillion. How wouldincluding that year with these data affect the correlation coefficient?e) Do these data provide proof that if mortgage rates are lowered, people will take out largermortgages? Explain.ALL QUESTIONS FROM STATS: DATA AND MODELSAmount Borrowed ($2013 T)

Interest rates and mortgages 2013 Since 1985, average mortgage interest rates have ed from a low of nearly 3% to a high of over 14%. Is there a relationship between the amount of beople borrow and the interest rate that's offered? Here is a scatterplot of Mortgage Loan in the United States (in trillions of 2013 dollars) versus yearly Interest Rate since 1985. The ion is -0.80.