The following table is taken from the website of Freddie Mac. It shows rates for 30-year fixed-rate mortgages since 1970. y = Year r = Mortgage rate 1975 9.05% 1980 13.74% 1985 12.43% 1990 10.13% 1995 7.93% 2000 8.05% 2005 5.87% 2010 4.69% 2015 3.84% (a) Explain in practical terms the meaning of r(2003). r(2003) is the average rate of change of 30-year fixed-rate mortgages in 2003. r(2003) is the difference between the rates in 2000 and 2005 for 30-year fixed-rate mortgages. r(2003) is the average of the rates in 2000 and 2005 for 30-year fixed-rate mortgages. r(2003) is the rate for 30-year fixed-rate mortgages in 2003. (b) Use the values of r for 2000 and 2005 given in the table to estimate the value of r(2003). (Round your answer to two decimal places.) %
Unitary Method
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The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
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| y = Year | r = Mortgage rate |
|---|---|
| 1975 | 9.05% |
| 1980 | 13.74% |
| 1985 | 12.43% |
| 1990 | 10.13% |
| 1995 | 7.93% |
| 2000 | 8.05% |
| 2005 | 5.87% |
| 2010 | 4.69% |
| 2015 | 3.84% |
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