a. A random sample of 150 approved mortgage applications is selected from a bank's database. Customers of this bank can choose either variable or interest-only mortgages. These mortgage choices have either a 20-year or 30-year term. The data are displayed i table below. Term Type of Mortgage 20-year Total 30-year 25 Variable 45 Interest Only 40 40 Total Use the table above to answer the questions below. i. If an approved application is selected at random, what is the probability that it is a 30-year term application? ii. If an approved application is randomly selected, what is the probability that the mortgage choice is variable and has a term of 20 years or is interest only and has a term of 20 years?
a. A random sample of 150 approved mortgage applications is selected from a bank's database. Customers of this bank can choose either variable or interest-only mortgages. These mortgage choices have either a 20-year or 30-year term. The data are displayed i table below. Term Type of Mortgage 20-year Total 30-year 25 Variable 45 Interest Only 40 40 Total Use the table above to answer the questions below. i. If an approved application is selected at random, what is the probability that it is a 30-year term application? ii. If an approved application is randomly selected, what is the probability that the mortgage choice is variable and has a term of 20 years or is interest only and has a term of 20 years?
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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