A bank offers both adjustable and fixed rate mortgage loans on residential properties, which are classified into three categories:  single-family homes, condominiums, and multi-family homes.  Each loan made in 2010 was classified according to type of mortgage and type of property, as shown in the given table.      Single Family Condo Multi Family   Adjustable 1500 788 337   Fixed Rate 375 377 373                           Answer the following: (Express answers as fractions or to 4 decimal places)       a)  What is the probability that a randomly chosen loan was for a condo?       b)  What is the probability that a randomly chosen loan was for a fixed rate, given that is was on a single family home?      c)  What is the probability that a randomly chosen loan was for a multi family home, given that it was an adjustable rate loan?

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A bank offers both adjustable and fixed rate mortgage loans on residential properties, which are classified into three categories:  single-family homes, condominiums, and multi-family homes.  Each loan made in 2010 was classified according to type of mortgage and type of property, as shown in the given table. 

 

 

Single Family

Condo

Multi Family

 

Adjustable

1500

788

337

 

Fixed Rate

375

377

373

 

 

 

 

 

 

 

            Answer the following: (Express answers as fractions or to 4 decimal places)

      a)  What is the probability that a randomly chosen loan was for a condo?

      b)  What is the probability that a randomly chosen loan was for a fixed rate, given that is was on a single family home?

     c)  What is the probability that a randomly chosen loan was for a multi family home, given that it was an adjustable rate loan?


 
 
 
 
 
 
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