Question: Help answer 6. StatCrunch problem. Banks assign a loan interest rate based on the credit score of the applicant. An economist wants to determine the
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6. StatCrunch problem. Banks assign a loan interest rate based on the credit score of the applicant. An economist wants to determine the relation between one's credit score, it, and the interest rate of a 36-month auto loan, y. The given data represent the interest rate (in percent) a bank would offer on a 36-month auto loan for various credit scores. File: \"Credit Score and 36- mo auto loan interest rate\" (a) Find the least-squares regression line treating the FICO score, it, as the explanatory variable and the interest rate, y. as the response variable. You can use the hint from problem 4. (b) Interpret the slope and y-intercept, if appropriate. (c) Predict the interest rate a person would pay if hisfher credit scores were the median score of T23. (d) Suppose a person has a credit score of 630 and he is offered an interest rate of 3.3%. Is this a good offer? Explain
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