A loan of $2,000 dollars is being paid off over time. You have automatic payments set up to pay $50 towards the loan each month.
1 answer:
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Answer:
There is a 25.14% probability that the order will not be met during a month.
Step-by-step explanation:
Problems of normally distributed samples can be solved using the z-score formula.
In a set with mean \mu and standard deviation , the zscore of a measure X is given by
After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X. Subtracting 1 by the pvalue, we This p-value is the probability that the value of the measure is greater than X.
In this problem, we have that:
.
The order will not be met if . So we find the pvalue of Z when
, and subtract 1 by this value.
has a pvalue of 0.7486.
So there is a 1 - 0.7486 = 0.2514 = 25.14% probability that the order will not be met during a month.