The square footage and monthly rental of 10 similar two apartments yield the linear regression of y=1.185x + 525.26, where x representst 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, should Jacob rent this apartment, if his monthly income is $5,000 each month? yes or no
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