The square footage and monthly rental of 10 similar two-bedroom apartments yield the linear regression equation y

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The square footage and monthly rental of 10 similar two-bedroom apartments yield the linear regression equation y = 1.165x + 615.23, where x represents the square footage of the apartment and y represents the monthly rental price.
a. Use the equation to determine the monthly rent for an apartment that has 1,500 square feet.
b. Based on the recommendation that you should spend no more than 28% of your monthly gross income on housing, can Jacob afford this rental if he makes $8,000 each month? Explain.

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a Using the equation in part a we find that the m...View the full answer

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