Question
The median home price and average mortgage rate in a certain country for 20062011 are given in following table. Year Median Price (in thousands of
The median home price and average mortgage rate in a certain country for 20062011 are given in following table.
Year | Median Price (in thousands of dollars) | Mortgage Rate (percent) |
---|---|---|
2006 | 221.9 | 6.58 |
2007 | 217.9 | 6.52 |
2008 | 196.6 | 6.15 |
2009 | 172.1 | 5.14 |
2010 | 173.1 | 4.89 |
2011 | 166.2 | 4.68 |
(b) Find the line of best fit. (Let x be in thousands of dollars. Round the coefficient of x to six decimal places and the constant to three decimal places.) = x + (c) Predict the average mortgage rate if the median price of a home is $200,000. (Round your answer to three decimal places.) % (d) Predict the median home price if the average mortgage rate is 5.25%. (Round your answer to the nearest thousand.) $ (e) Find the coefficient of correlation. (Round your answer to three decimal places.)
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