In Chapter 2 we discussed how to summarize data using different methods and to display data using
graphs. Graphs are one important component of statistics; however it is also important to numerically
describe the main characteristics of a data set. The numerical summary measures, such as the ones
that identify the center and spread of a distribution, identify many important features of a distribution.
For example, the techniques learned in Chapter 2 can help us graph data on family incomes.
However, if we want to know the income of a “typical” family (given by the center of the distribution),
the spread of the distribution of incomes, or the relative position of a family with a particular income,
the numerical summary measures can provide more detailed information (see Figure 3.1). The
measures that we discuss in this chapter include measures of (1) central tendency, (2) dispersion
(or spread), and (3) position.
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Assuming your interest rate on the loan is 8. 6%. The additional margin generated will cover the interest payments.
<h3>Additional margin</h3>
Let determine the weekly interest
Weekly interest= 8.6% /12 x 60,000
Weekly interest= $99.23
Let calculate the amount left since the business generates $500 at a margin of 80
Amount left= 500 x 80%
Amount left= $400
Based on the above calculation we can see that the amount of $400 is sufficient enough to cover the $99.23 payments.
Inconclusion the additional margin generated cover the interest payments.
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