Homework: 17.2 (096) Home...

Homework: 17.2 (096) Home... < Question 3, Instructor-c HW score: 25%, 2 of 8 points O Points: 0 ofl Save If the average interest rate for a lb-year fixed rate mortgage is 6 00%, then the corresponding 30-year fixed rate is 8 99% If the 15-year rate decreases to 500%, then the 30-year rate decreases to 7 39% a. Assume that the relationship between the 15-year fixed rate (%) and the 30-year fixed rate (%) is linear Find the equation of the line that describes this relationship Write your answer in slope-intercept form Let x be the lb-year fixed rate and y be the 30-year fixed rate. b. use your equation from part (a) to estimate the 30-year fixed rate if the 15-year fixed rate is 5 8%. a. The equation is (Use integers or decimals for any numbers in the equation ) b. If the 15-year fixed rate is 5 8%. then the corresponding 30-year fixed rate is DO/o (Type an integer or a decimal)