Jane just borrowed $500,000 to purchase a new home. The loan is for 30 years at a nominal rate of 3% per year compounded monthly. а) What is Jane's monthly payment? b) monthly payments for 5 years, i.e., 60 monthly payments? Jane would like to know how much money she would still owe the bank after making regular How much of Jane's first payment will be interest? What will be the interest portion of Jane's c) 61“ payment? d) percentage of this total payment was applied to the principal and what percentage was interest? Hint: Use answer to part (b) Over 5 years Jane has made a total payment equal to 60 x monthly payment to the bank. What

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Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.