Examlex
In order to purchase a home, a family borrows $45,000 at an annual interest rate of 9%, to be paid back over a 30 year period in equal monthly payments. What is their monthly payment?
Probabilistic Model
A mathematical representation of a random system that is characterized by probabilities and randomness.
Y-Intercept
The point at which a line or curve intersects the y-axis of a coordinate system.
Slope
In the context of linear regression, the magnitude of change in the dependent variable for each unit change in the independent variable.
Residual
The difference between an observed value and the estimated value provided by a model.
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