A man borrowed $8000. He paid $10100 after 9 months for the debt. What was the interest rate per annum?
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Answer:
The probability that exactly one of these mortgages is delinquent is 0.357.
Step-by-step explanation:
We are given that according to the Mortgage Bankers Association, 8% of U.S. mortgages were delinquent in 2011. A delinquent mortgage is one that has missed at least one payment but has not yet gone to foreclosure.
A random sample of eight mortgages was selected.
The above situation can be represented through Binomial distribution;
where, n = number of trials (samples) taken = 8 mortgages
r = number of success = exactly one
p = probability of success which in our question is % of U.S.
mortgages those were delinquent in 2011, i.e; 8%
<em>LET X = Number of U.S. mortgages those were delinquent in 2011</em>
So, it means X ~
Now, Probability that exactly one of these mortgages is delinquent is given by = P(X = 1)
P(X = 1) =
=
= 0.357
<u><em>Hence, the probability that exactly one of these mortgages is delinquent is 0.357.</em></u>