Question: Please help with this homework practice problem, thank you! In 2011 home prices and mortgage rates dropped so low that in a number of cities

Please help with this homework practice problem, thank you!

Please help with this homework practice problem, thank you! In 2011 home

In 2011 home prices and mortgage rates dropped so low that in a number of cities the monthly cost of owning a home was less expensive than renting. The following data show the average asking rent for 10 markets and the monthly mortgage on the median priced home (including taxes and insurance) for 10 cities where the average monthly mortgage payment was less than the average asking rent (The Wall Street Journal, November 26-27, 2011). Click on the datafile logo to reference the data. DATA file City Rent ($) Mortgage ($) Atlanta 840 539 Chicago 1062 1002 Detroit 823 626 Jacksonville, Fla. 779 711 Las Vegas 796 655 Miami 1071 977 Minneapolis 953 776 Orlando, Fla. 851 695 Phoenix 762 651 St. Louis 723 654 Enter negative values as negative numbers. a. Develop the estimated regression equation that can be used to predict the monthly mortgage given the average asking rent (to 2 decimals). The regression equation is: Mortgage ($) = Rent ($)

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