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Answer :
The monthly rent for the apartment is $2362.73 and Jacob can afford this rental
How to to determine the monthly rent for the apartment
Given that
y=1.165x+615.23:
Substitute x = 1500 into the regression formula y=1.165x+615.23:
y = 1.165(1500) + 615.23
y = 2362.73
So, the monthly rent for an apartment with 1,500 square feet would be approximately $2362.73
Can Jacob afford the retail
If Jacob makes $8,000 each month, 28% of his monthly gross income on housing would be:
0.28 x $8,000 = $2,240
$2,240 is greater than the estimated monthly rent of $2,362.73,
Hence, Jacob can afford this rental according to the recommended guideline.
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