Jacey obtains a 30-year 6/2 ARM at 4% with a 2/6 cap structure in the amount of $224,500. What is the monthly payment during the
2 answers:
You might be interested in
Answer:
The null and alternative hypothesis can be written as:
Step-by-step explanation:
This is a hypothesis test for the difference between proportions.
The claim is that the proportion of 18- to 34-year-old Americans that own a cell phone is less than the proportion of 35- to 49-year-old Americans.
This claim will be reflected in the alternnative hypothesis, that will state that the population proportion 1 (18 to 34) is significantly smaller than the population proportion 2 (35 to 49).
On the contrary, the null hypothesis will state that the population proportion 1 is ot significantly smaller than the population proportion 2.
Then, the null and alternative hypothesis can be written as:
The significance level is assumed to be 0.05.
The sample 1, of size n1=200 has a proportion of p1=0.63.
The sample 2, of size n2=175 has a proportion of p2=0.68.
The difference between proportions is (p1-p2)=-0.05.
The pooled proportion, needed to calculate the standard error, is:
The estimated standard error of the difference between means is computed using the formula:
Then, we can calculate the z-statistic as:
This test is a left-tailed test, so the P-value for this test is calculated as (using a z-table):
As the P-value (0.1554) is bigger than the significance level (0.05), the effect is not significant.
The null hypothesis failed to be rejected.
There is not enough evidence to support the claim that the proportion of 18- to 34-year-old Americans that own a cell phone is less than the proportion of 35- to 49-year-old Americans.