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Liono4ka [1.6K]
2 years ago
12

Taylor plans to borrow $4,500 from the bank to purchase a used vehicle. If he borrows the money at a rate of 4% interest for 2 y

ears, what is the total amount he will have to pay back to the bank?
Mathematics
1 answer:
kumpel [21]2 years ago
6 0

Answer:

$4867.2

Step-by-step explanation:

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Find the critical value zα/2 that corresponds to a 98% confidence level.
SVETLANKA909090 [29]

A critical value is the point on the scale of the test statistic (z test in this case) outside which we reject the null hypothesis, and is taken from the level of significance of the test. The critical values can be obtained from the standard distribution tables for z and for this case, it is equivalent to:

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Lostsunrise [7]

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2035.8  (approximately)

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