Answered: Housing expenses are an important part…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

Housing expenses are an important part of a personal budget. Use the internet to research
what percent of a household’s monthly income should be used for housing. If the median
household income in Volusia county is $3500 per month, answer the following questions.
9. a. What percent of household income should be used for housing?
b. Could a typical Volusia county household afford the home with the 15-year
mortgage? Why or why not?
c. Could a typical Volusia county household afford the home with the 30-year mortgage?
Why or why not?

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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