Let x = amount of mortgage (aka the amount by the bank)
25% of the monthly income of $3000 is 0.25*3000 = 750 dollars
So using this rule, the family can pay up to $750 per month on mortgage
1% of the amount loaned (x) is equal to this figure, so
0.01*x = 750
0.01*x/0.01 = 750/0.01
x = 75000
Therefore, the most expensive mortgage this family can afford is $75,000. Anything higher and they go over budget.
Answer:
0.2287
Step-by-step explanation:
The computation of the probability that the automated manufacturing system runs for more than 18 hours without a failure is shown below:
P(X > 17) = 1 - P(X < 17)
= 1 - [1 - e^-18 ÷ 12.2]]
= 1 - [1 -0.228684984
]
= 0.2287
