Jesse owes $8,473 on a credit card with a 21.5% interest rate. What is the monthly payment he should make to pay off this debt i
n 12 months, assuming he does not charge any more purchases with the card?
1)
$706.08
2)
$164.57
3)
$790.99
4)
$2,016.54
1)
$706.08
2)
$164.57
3)
$790.99
4)
$2,016.54
1 answer:
You can use an online credit card calculator in computing the monthly payment. Refer to the attachment for the answer and graph. The given are the following: balance - 8,473; interest rate - 21.5%; months - 12. The answer is the third option - you'll need to pay <span>$790.99 every month for 12 months.</span>
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Answer:
Critical value is -1.98.
Step-by-step explanation:
Given:
The value of alpha is,
Now, in order to find the critical value, we need to subtract alpha from 1 and then look at the z-score table to find the respective 'z' value for the above result.
The probability of critical value is given as:
So, from the z-score table, the value of z-score for probability 0.976 is 1.98.
Now, in a left tailed test, we multiply the z value by negative 1 to arrive at the final answer. We do so because the area to the left of mean in a normal distribution curve is negative.
So, the z-score for critical value 0.024 in a left tailed test is -1.98.