The square footage and monthly rental of 10 similar two-bedroom apartments yield the linear regression formula y = 1.165x + 615.23 where x represents the square footage of the apartment and y represents the monthly rental price.
a. Use the formula to determine the monthly rent for an apartment that has 1,500 square feet.
b. Based upon 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.