A bank charges 1.75 of a point for the origination fee on a mortgage of $400,000. What is the origination fee?
1 answer:
Answer:
The origination fee on a mortgage of $400,000 is $7,000.
Step-by-step explanation:
Here, the mortgage value = $400,000
The origination fee = 1.75%
Now, the origination fee is calculated on the amount mortgaged.
⇒ 1.75 % of ($400,00) = Origination Fee
Now, 1.75 % of ($400,00) =
or, 1.75 % of ($400,00) = $ 7,000
Hence, the origination fee on a mortgage of $400,000 is $7,000.
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Answer:
a) The probability that at least 3 months elapse before the first earthquake of destructive magnitude occurs is P=0.7788
b) The probability that at least 7 months elapsed before the first earthquake of destructive magnitude occurs knowing that 3 months have already elapsed is P=0.7165
Step-by-step explanation:
Tha most appropiate distribution to model the probability of this events is the exponential distribution.
The cumulative distribution function of the exponential distribution is given by:
The destructive earthquakes happen in average once a year. This can be expressed by the parameter λ=1/year.
We can express the probability of having a 3 month period (t=3/12=0.25) without destructive earthquakes as:
Applying the memory-less property of the exponential distribution, in which the past events don't affect the future probabilities, the probability of having at least 7 months (t=0.58) elapsed before the first earthquake given that 3 months have already elapsed, is the same as the probability of having 4 months elapsed before an earthquake.
Answer:
1.0346 x
Since the exponent of the scientific notation is positive, move the decimal point 22 places to the right.
10,346,000,000,000,000,000,000