Concept explainers
The median home price and average mortgage rate in the United States for
Year | Median Price(in thousands of dollars) | Mortgage Rate (percent) |
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Figure
Sources: National Association of Realtors.
a. Letting
b. Find the line of best fit.
c. Predict the average mortgage rate if the median price of a home is
d. Predict the median home price if the average mortgage rate is
e. Find the coefficient of
f. Are the predictions in parts (c) and (d) reliable? Why or why not?
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