Answer:
The principal amount was $23,393.45
Step-by-step explanation:
The total amount paid on a 35 year loan was $98,000 at the rate of interest 4.1%
We will calculate Principal amount by this formula
Where A = amount (98,000)
P = Principal amount (P)
r = rate of interest 4.1% (0.041)
n = number of compounding interest monthly (12)
t = time (35 years)
98,000 = P(4.189386)
= 4.189386P = 98,000
P =
P = 23,392.4494 ≈ $23,392.45
The principal amount was $23,393.45
Answer:
The 85% onfidence interval for the population proportion of new car buyers who prefer foreign cars over domestic cars is (0.151, 0.205).
Step-by-step explanation:
In a sample with a number n of people surveyed with a probability of a success of , and a confidence level of
, we have the following confidence interval of proportions.
In which
z is the zscore that has a pvalue of .
For this problem, we have that:
Sample of 421 new car buyers, 75 preferred foreign cars. So
85% confidence level
So , z is the value of Z that has a pvalue of
, so
.
The lower limit of this interval is:
The upper limit of this interval is:
The 85% onfidence interval for the population proportion of new car buyers who prefer foreign cars over domestic cars is (0.151, 0.205).