How does a credit score affects creditworthiness and the cost of credit?

1 answer:

5 0

Here is the answer. Credit score affects credit worthiness and the cost of credit by <span>short term loans, swipe fees, interest use networking banks. Credit score is the analysis of the person's credit files, and this is the basis of his credit worthiness. Hope this answers your question.</span>

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Answer:

The probability that the sample proportion will be at least 3 percent more than the population proportion is 0.6157

Step-by-step explanation:

We need sample proportion between 0.75 - 0.03 = 0.72 and 0.75 +0.03 = 0.78. Here we have p = 0.75 and n= 158.

So z-score for sample proportion q = 0.72

z = $\frac{q - p}{\sqrt{\frac{p(1-p)}{n} } }$ = $\frac{0.72 - 0.75}{\sqrt{\frac{0.75(1-0.75)}{158} } }$ = - $\frac{0.03}{0.0344}$ = - 0.872

So z-score for sample proportion q = 0.78

z= $\frac{q - p}{\sqrt{\frac{p(1-p)}{n} } }$ = $\frac{0.78 - 0.75}{\sqrt{\frac{0.75(1-0.75)}{158} } }$ = $\frac{0.03}{0.0344}$ = 0.872

Therefore the probability that the sample proportion will be within 3 percent of the population proportion is

P( 0.72 < q < 0.78) = P ( -0.872 < z < 0.872)

= P( z < 0.872) - P( z < -0.872)

= 0.80785 - 0.19215

= 0.6157

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