Answer:
Step-by-step explanation:
Mrs. Siebenaller bought a bus for 25,000 with a 7% interest rate and she gets a loan payoff of 60 months,
We know that,
Where,
PV = Present value of annuity = 25000,
r = rate of interest of each period = % monthly
n = number of periods = 60 months,
Putting the values,
Hence total amount paid is,
Therefore interest amount is,
Answer:
We see that the p value i higher than the significance level so then we FAIL to reject the null hypothesis and we can conclude that the true mean is not significantly higher than 13.2 *the value of 2008 ).
Step-by-step explanation:
Information given
represent the sample mean
represent the sample standard deviation
sample size
represent the value that we want to test
represent the significance level
t would represent the statistic (variable of interest)
represent the p value for the test
Hypothesis to test
We want to conduct a hypothesis in order to check if the true mean has increased from 2008 , and the system of hypothesi are:
Null hypothesis:
Alternative hypothesis:
The statistic for this case is:
(1)
Calculating the statistic
Replacing the info given we got:
P-value
The degrees of freedom are:
Since is a right tailed test the p value is:
Decision
We see that the p value i higher than the significance level so then we FAIL to reject the null hypothesis and we can conclude that the true mean is not significantly higher than 13.2 *the value of 2008 ).