FOCUS OF LESSON
The purposes of this lesson are give students opportunities to find collect real world data regarding real estate in major cities from the Web, organizing this data for the purpose of graphing it, then finally finding a function which models this data.
NCTM STANDARDS
Choose an independent variable and organize these four data sets in a chart, for example
Number of years | Amount of monthly payment |
18 years | $975.25 |
10 years | $1107.92 |
Now graph these data points using whatever scales appropriate to display the information in an interpretable form.
ANALYSIS AND INTERPRETATION
Find a function which best models these data points and write its equation.
Describe the function you chose and explain why you think it is appropriate.
Estimate from your graph the amount of monthly payment one would have to make on a 22 year and 12 year loan.
Now use your function to verify that your estimates are reasonable
EXTENSION
Use a TI-82 or 83 calculator to run a regression analysis on your data set and compare the regression equation with the function you found.