A small business takes out a loan for $14,000 at 7% simple interest over the course of 4 years. What is the monthly payment?
1 answer:
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Answer:
$240
Step-by-step explanation:
Fill in the given numbers and do the arithmetic.
Keri's monthly loan payment is $240 per month.
Answer:
Since the calculated values is lower than the critical value we have enough evidence to reject the null hypothesis at the significance level of 2.5% and we can say that the true mean is lower than 36 years old
Step-by-step explanation:
Data given
represent the sample mean
represent the sample standard deviation
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
t would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
System of hypothesis
We need to conduct a hypothesis in order to check if the true mean is less than 36 years old, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
The statistic is given by:
(1)
And replacing we got:
Now we can calculate the critical value but first we need to find the degreed of freedom:
So we need to find a critical value in the t distribution with df =21 who accumulates 0.025 of the area in the left and we got:
Since the calculated values is lower than the critical value we have enough evidence to reject the null hypothesis at the significance level of 2.5% and we can say that the true mean is lower than 36 years old