The following chart shows the (approximate) total number of subprime home mortgages in a state in November 2008, broken down into four categories. Mortgage Status Current Past Due In Foreclosure Repossessed Total Number 156,330 58,310 8,550 5,590 228,780 (The four categories are mutually exclusive; for instance, "Past Due" refers to a mortgage whose payment status is past due but is not in foreclosure, and "In Foreclosure" refers to a mortgage that is in the process of being foreclosed but not yet repossessed.) (a) Find the probability that a randomly selected subprime mortgage in the state during November 2008 was neither in foreclosure nor repossessed. HINT [See Example 1.] (Round your answer to two decimal places.) (b) What is the probability that a randomly selected subprime mortgage in the state during November 2008 was not current? (Round your answer to two decimal places.)

The following chart shows the (approximate) total number of subprime home mortgages in a state in November 2008, broken down into four categories. Mortgage Status Current Past Due In Foreclosure Repossessed Total Number 156,330 58,310 8,550 5,590 228,780 (The four categories are mutually exclusive; for instance, "Past Due" refers to a mortgage whose payment status is past due but is not in foreclosure, and "In Foreclosure" refers to a mortgage that is in the process of being foreclosed but not yet repossessed.) (a) Find the probability that a randomly selected subprime mortgage in the state during November 2008 was neither in foreclosure nor repossessed. HINT [See Example 1.] (Round your answer to two decimal places.) (b) What is the probability that a randomly selected subprime mortgage in the state during November 2008 was not current? (Round your answer to two decimal places.)

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Related questions

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: Solution a: Amount to be paid = Merchandise price - Returns an allowances - discount + Freight In =…

Q: Nizwa Chemical Company received an invoice for 1200 OMR, dated March 12, with terms 2/10 EOM. If the…

A: Given that, Nizwa Chemical Company received an invoice for 1200 OMR, dated March 12, with terms 2/10…

Q: On August 1, Neil Brothers bought goods with a list price of $14,400, terms 2/10, n/30. The firm…

Q: ou are the loan department supervisor for a bank. This installment loan is being paid off early, and…

Q: Compute the periodic rate and interest in the first period for a $2 comma 6002,600 loan with…

A: Given that the loan amount is $2,600.The annual periodic rate is 6.5%

Q: Complete the following by calculating the cash discount and net amount paid: (If more than one…

Q: 1) Ashley started a new job and wants to verify her net pay has been computed correctly. Her gross…

A: Gross pay: $878.75 Social Security tax: 6.2% Medicare tax: 1.45% Federal withholding tax: $101.12…

Q: The rates offered by a bank on deposits between $10,000 and $24,999 are shown in the following…

Q: When real estate is sold, the year's property taxes are allocated to the vendor and the purchaser in…

A: Since the number of days from January 1 to August 7 = January ( 31 ) + February ( 28 ) + March ( 31…

Q: Calculate option price, put and call , strikes +/- 5% Present price 3,475 Number of days 730…

Q: An invoice dated January 15th , in the amount of $12,500 has the following terms: 2/10, n/30. This…

A: topic- discount calculation term 2/10 signifies if amount is paid with in 10 days,2% discount will…

Q: Garnette Corp is considering the purchase of a new machine that will cost $342,000 and provide the…

Q: On October 1, 2018, a business borrowed $18,000 on a 5-year, 6% note payable. The loan required the…

A: Given information- Principal amount borrowed = $18,000 Duration = 5 year Interest = 6% The amount…

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,470 in…

A: We will make a table for income statement

Q: 8. Rachael turned age 62 in 2016. a. Compute her Social Security full retirement benefit if her…

Q: Under Sec. 280A, how will a taxpayer report the income and expenses of a vacation home if it is…

A: Correct answer is A. The income is reported and only expenses such as qualified interest and taxes…

Q: Ghana COCOBOD’s Cocoa Clinic® offers health delivery services to employees of the Ghana Cocoa Board…

Q: credit card company determines a card holders minimum enthly payment by adding all new interest to…

Q: Three invoices for the amounts of $35,200, $28,000, and $40,450 were received on December 17, 2014,…

A: 3/7 means a 3% discount if paid within seven days after the date of invoice. 2/30 means a 2%…

Q: Kevin Rogers is interested in buying a five-year bond with a face value of $1,000 that pays a coupon…

A: The problem requires the determination of the bond price. The problem involves the valuation of…

Q: A car dealer carries out the following calculations. List price $ 15,428.00 Options $ 3,625.00…

A: From the given information, the number of payments is N=48 and interest rate is r=3%. It is known…

Q: You are the accounting manager for Kool Ragz, Inc., a manufacturer of men's and women's clothing.…

A: Sol:- a) The interest on the loan using ordinary interest is: Interest = Principal x Rate x Time…

Q: The following accounts and their balances were selected from the adjusted trial balance of Point…

A: The objective of this question is to prepare the Paid-In Capital portion of the 'Stockholders'…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Amount…

A: The objective of this question is to prepare a traditional income statement for Cherokee…

Q: Help Rico determine what his deduction amount is. Rico is entitled to a $6,250 standard deduction…

A: Given- Rico is entitled to a $6,250 standard deduction because he is single. Rico had the following…

Q: A prospective car buyer can choose between a fixed and a variable interest rate and can also choose…

Q: A patient’s insurance policy states:Annual deductible: $300.00Coinsurance: 70-30This year the…

A: In this question, it has mentioned that:Annual deductible = $300Co-insurance: 70 – 30The payment…

Q: What data items do you need to be able to find duplicate payments? 2. Would the date of the…

A: To find duplicate payments, we need typically need the following data items:Payment ID/Transaction…

Question

The following chart shows the (approximate) total number of subprime home mortgages in a state in November 2008, broken down into four categories.

Mortgage Status	Current	Past Due	In Foreclosure	Repossessed	Total
Number	156,330	58,310	8,550	5,590	228,780

(The four categories are mutually exclusive; for instance, "Past Due" refers to a mortgage whose payment status is past due but is not in foreclosure, and "In Foreclosure" refers to a mortgage that is in the process of being foreclosed but not yet repossessed.)

(a)

Find the probability that a randomly selected subprime mortgage in the state during November 2008 was neither in foreclosure nor repossessed. HINT [See Example 1.] (Round your answer to two decimal places.)

(b)

What is the probability that a randomly selected subprime mortgage in the state during November 2008 was not current? (Round your answer to two decimal places.)

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

"College Station BandWith" is the sole internet provider in the College Station area. The company plans to switch to fiber optics to provide customers with a faster uploading and downloading service. The company plans to borrow $12,000,000 from the Teacher Credit Union of Texas for new equipment and repay the loan of $3,500,000 in years 1, 2, and 3 and a lumpsum amount of $4,000,000 at the end of year 4. What was the interest rate on the loan?
Using the following accounts and their amounts, prepare in good format a statement of stockholder's equity for Bright Futures Company for the month ended August 31. No common stock was issued during the year. Telephone expense $1,150 Cash 3,000 Accounts payable 1,540 Dividends 800 Fees earned 15,700 Rent expense 1,400 Supplies 140 Accounts receivable 1,500 Computer equipment 17,600 Common stock 10,000 Retained earnings (August 1) 4,320 Wages expense 4,800 Utilities expense 750 Office expense 420 If a net loss is incurred or there is a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an input box does not require an entry, leave it blank. Bright Futures CompanyStatement of Stockholders’ EquityFor the Month Ended August 31 blank CommonStock RetainedEarnings Total $- Select - $- Select - $- Select - - Select - - Select - - Select -…
Show the derivation for the formula of Annuities, include necessary diagrams. (Ordinary, Deferred and Perpetuity).
Three invoices for the amounts of $34,200, $25,000, and $41,450 were received on November 27, 2014, December 27, 2014, and January 19, 2015, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on January 26, 2015 to settle all three invoices.
9. Rocca ha linat of $60 om herhcard. Shehada pfevions 30 vaymei. Tpe yrad ofker pubchases is $1,257.89. WhalkRbéccas afailable credit? 10. The APR on Leslie's credit card is currently 21.6%. What is the monthly periodic rate?
Determine the annual insurance premiums for a policy insuring a male age 40 , who wants to purchase a whole life policy with a face value of $50,500
As given via the Internet, auto insurance quotes gathered online could vary from $947 to $1,558. A class 18 operator carries compulsory 10/20/5 insurance. He has the following optional coverage: bodily injury, 500/1,000; property damage, 50M; and collision, $200 deductible. His car is 1 year old, and the symbol of the car is 8. He has comprehensive insurance with a $200 deductible. (Use Tables 20.5, 20.6, 20.7, 20.8 and 20.9.) What is the total annual premium? Total annual premium