Homework Help is Here – Start Your Trial Now!
Math
Statistics
The credit scores of 35-year-olds applying for a mortgage at Ulysses Mortgage Associates are normally distributed with a mean of 600 and a standard deviation of 125. (0) Find the credit score that defines the upper 20 percent. (Use Excel or Appendix C to calculate the z-value. Round your final answer to 2 declmal places.) Credit score (b) Eighty-five percent of the customers will have a credit score higher than what value? (Use Excel or Appendlx C for calculatlon of z- value. Round your final answer to 2 decimal places.) Credit score 470.45 (c) Within what range would the middle 90 percent of credit scores lie? (Use Excel or Appendlx C for calculation of z-value. Round your final answer to 2 declmal places.)

The credit scores of 35-year-olds applying for a mortgage at Ulysses Mortgage Associates are normally distributed with a mean of 600 and a standard deviation of 125. (0) Find the credit score that defines the upper 20 percent. (Use Excel or Appendix C to calculate the z-value. Round your final answer to 2 declmal places.) Credit score (b) Eighty-five percent of the customers will have a credit score higher than what value? (Use Excel or Appendlx C for calculatlon of z- value. Round your final answer to 2 decimal places.) Credit score 470.45 (c) Within what range would the middle 90 percent of credit scores lie? (Use Excel or Appendlx C for calculation of z-value. Round your final answer to 2 declmal places.)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
### Educational Exercise: Understanding Credit Scores Distribution **Context:** The credit scores of 35-year-olds applying for a mortgage at Ulysses Mortgage Associates follow a normal distribution with a mean of 600 and a standard deviation of 125. --- #### Problem Statements **(a) Determining the Upper 20 Percent:** Calculate the credit score that defines the upper 20 percent of applicants. - **Credit Score:** Use Excel or Appendix C to compute the z-value. Round your final answer to 2 decimal places. - **Result:** `Credit score: 703.49` --- **(b) Credit Score Threshold for 85 Percent:** Determine the credit score below which 85 percent of customers would fall. - **Credit Score:** Use Excel or Appendix C for the z-value calculation. Round your final answer to 2 decimal places. - **Result:** `Credit score: 470.45` --- **(c) Middle 90 Percent Range:** Identify the range within which the middle 90 percent of credit scores lie. - **Range:** Use Excel or Appendix C for z-value calculation. Round your final answer to 2 decimal places. - **Result:** `Range: 396.39 to 805.61` --- This exercise aims to provide a practical understanding of the normal distribution and how it applies to real-world data, such as credit scores. Use the calculated scores to assess financial thresholds for mortgage eligibility based on the statistical distribution.
Transcribed Image Text:### Educational Exercise: Understanding Credit Scores Distribution **Context:** The credit scores of 35-year-olds applying for a mortgage at Ulysses Mortgage Associates follow a normal distribution with a mean of 600 and a standard deviation of 125. --- #### Problem Statements **(a) Determining the Upper 20 Percent:** Calculate the credit score that defines the upper 20 percent of applicants. - **Credit Score:** Use Excel or Appendix C to compute the z-value. Round your final answer to 2 decimal places. - **Result:** `Credit score: 703.49` --- **(b) Credit Score Threshold for 85 Percent:** Determine the credit score below which 85 percent of customers would fall. - **Credit Score:** Use Excel or Appendix C for the z-value calculation. Round your final answer to 2 decimal places. - **Result:** `Credit score: 470.45` --- **(c) Middle 90 Percent Range:** Identify the range within which the middle 90 percent of credit scores lie. - **Range:** Use Excel or Appendix C for z-value calculation. Round your final answer to 2 decimal places. - **Result:** `Range: 396.39 to 805.61` --- This exercise aims to provide a practical understanding of the normal distribution and how it applies to real-world data, such as credit scores. Use the calculated scores to assess financial thresholds for mortgage eligibility based on the statistical distribution.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS