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katrin2010 [14]
3 years ago
15

Using the Avalanche Method and the following debt, how much of the monthly $700 should be paid to Creditor #3?

Mathematics
1 answer:
Zanzabum3 years ago
3 0
Creditor 3 should receive only the minimum payment of $25. In the avalanche method, the debtor pays only the minimum payments, then pays the rest of their money to the creditor with the highest interest rate. Creditor 2 has the highest interest rate.
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Exact Form:

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Step-by-step explanation:

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5 0
2 years ago
Based on past experience, a bank believes that 8.9 % of the people who receive loans will not make payments on time. The bank ha
love history [14]

Answer:

To be able to approximate the sampling distribution with a normal model, it is needed that np \geq 10 and n(1-p) \geq 10, and both conditions are satisfied in this problem.

Step-by-step explanation:

For each person, there are only two possible outcomes. Either they will make payments on time, or they won't. The probability of a person making the payment on time is independent of any other person, which means that the binomial probability distribution is used to solve this question.

Binomial probability distribution

Probability of exactly x successes on n repeated trials, with p probability.

The sampling distribution can be approximated to a normal model if:

np \geq 10 and n(1-p) \geq 10

Based on past experience, a bank believes that 8.9 % of the people who receive loans will not make payments on time.

This means that p = 0.089

The bank has recently approved 220 loans.

This means that n = 220

What must be true to be able to approximate the sampling distribution with a normal model?

np = 220*0.089 = 19.58 \geq 10

n(1-p) = 220*0.911 = 200.42 \geq 10

To be able to approximate the sampling distribution with a normal model, it is needed that np \geq 10 and n(1-p) \geq 10, and both conditions are satisfied in this problem.

3 0
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