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ella [17]
3 years ago
5

Luke’s luck changed, and he was able to enroll full-time again. He has become employed full-time and earns $40 per hour. Becomin

g employed full-time will help him repay the $35,000 he borrowed in direct student loans at 4.66%. Because all students who borrow direct loans are placed into the standard repayment plan when entering repayment by the Department of Education, Luke looked into the details. He realized the cost benefit and chose to remain in this plan, it is the shortest in length and students pay the least amount of interest. After doing some calculations, he estimated his monthly payment will be $365, which includes principal and interest. In order for Luke to be able to afford his repayment under the Standard plan comfortably, he will need to allocate 12% of his paycheck. 
  
 If Luke’s monthly payment is $365.44 (principal and interest) and it takes 10 years to pay back the loan, what is the total cost of the loan?
Mathematics
1 answer:
Hunter-Best [27]3 years ago
3 0
I believe the answer is $8,852.8

Correct me if I'm wrong!
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Option A

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Answer:

The p-value of the test is 0.0139 < 0.05, which means that these data indicates that the population proportion of voter turnout in Colorado is higher than that in California.

Step-by-step explanation:

Before testing the hypothesis, we need to understand the central limit theorem and subtraction of normal variables.

Central Limit Theorem

The Central Limit Theorem establishes that, for a normally distributed random variable X, with mean \mu and standard deviation \sigma, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean \mu and standard deviation s = \frac{\sigma}{\sqrt{n}}.

For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.

For a proportion p in a sample of size n, the sampling distribution of the sample proportion will be approximately normal with mean \mu = p and standard deviation s = \sqrt{\frac{p(1-p)}{n}}

Subtraction between normal variables:

When two normal variables are subtracted, the mean is the difference of the means, while the standard deviation is the square root of the sum of the variances.

California:

Sample of 296 voters, 146 voted. This means that:

p_{Ca} = \frac{146}{296} = 0.4932

s_{Ca} = \sqrt{\frac{0.4932*0.5068}{296}} = 0.0291

Colorado:

Sample of 215 voters, 127 voted. This means that:

p_{Co} = \frac{127}{215} = 0.5907

s_{Co} = \sqrt{\frac{0.5907*0.4093}{215}} = 0.0335

Test if the population proportion of voter turnout in Colorado is higher than that in California:

At the null hypothesis, we test if it is not higher, that is, the subtraction of the proportions is at most 0. So

H_0: p_{Co} - p_{Ca} \leq 0

At the alternative hypothesis, we test if it is higher, that is, the subtraction of the proportions is greater than 0. So

H_1: p_{Co} - p_{Ca} > 0

The test statistic is:

z = \frac{X - \mu}{s}

In which X is the sample mean, \mu is the value tested at the null hypothesis, and s is the standard error.

0 is tested at the null hypothesis:

This means that \mu = 0

From the two samples:

X = p_{Co} - p_{Ca} = 0.5907 - 0.4932 =  0.0975

s = \sqrt{s_{Co}^2+s_{Ca}^2} = \sqrt{0.0291^2+0.0335^2} = 0.0444

Value of the test statistic:

z = \frac{X - \mu}{s}

z = \frac{0.0975 - 0}{0.0444}

z = 2.2

P-value of the test and decision:

The p-value of the test is the probability of finding a difference above 0.0975, which is 1 subtracted by the p-value of z = 2.2.

Looking at the z-table, z = 2.2 has a p-value of 0.9861.

1 - 0.9861 = 0.0139.

The p-value of the test is 0.0139 < 0.05, which means that these data indicates that the population proportion of voter turnout in Colorado is higher than that in California.

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