For a loan of $40,000 at 12% for 10 years, how much do you wind up paying back?
1 answer:
You might be interested in
We are asked to find the probability that a data value in a normal distribution is between a z-score of -1.32 and a z-score of -0.34.
The probability of a data score between two z-scores is given by formula .
Using above formula, we will get:
Now we will use normal distribution table to find probability corresponding to both z-scores as:
Now we will convert into percentage as:
Upon rounding to nearest tenth of percent, we will get:
Therefore, our required probability is 27.4% and option C is the correct choice.