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The amount of money that a lending institution will allow you to borrow mainly depends on the interest rate and your annual income. The following

The amount of money that a lending institution will allow you to borrow mainly depends on the interest rate and your annual income. The following data represent the annual income, I, required by a bank in order to lend L dollars at an interest rate of 7.5% for 30 years in October 2006.

Annual Income, I ($) Loan Amount, L ($)
15,000 50,100
20,000 66,800
25,000 83,400
30,000 100,100
35,000 116,800
40,000 133,400
45,000 150,100
50,000 166,900
55,000 183,500
60,000 200,200
65,000 217,000
70,000 233,500

Use a graphing utility to find the line of best fit to the data and then determine the loan amount that an individual would qualify for if her income is $57,000. Round the answer to the nearest dollar.

The line of best fit is: y = __________?_________

With an income of $57,000 a person can borrow $_________?________

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