Answer:
6.9%
Step-by-step explanation:
Interest rate is the one variable in an amortization formula that cannot be determined explicitly. An iterative solution is required, which means the computation must be done by a calculator, spreadsheet, or web site.
My TI-84 TVM Solver tells me that for the given loan amount and payment schedule, the APR is about 6.9%.
The result of the respective questions are:
a)
This chi-square test only takes into consideration one variable.
b)
The type of chi-square test this is, is a Goodness of Fit
To test the hypothesis, we must determine whether the actual data conform to the assumed distribution.
The "Goodness-of-Fit" test is a statistical hypothesis test that determines how well the data that was seen resembles the data that was predicted.
c)
Parameter
n = 4
Therefore
Degrees of freedom
df= n - 1
df= 4 - 1
df= 3
d)
In conclusion
Parameters
df = 3
Hence
Critical value = 7.814728
Test statistic = 6.6
Test statistic < Critical value, .
NO, the result of this test is not statistically significant.
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