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2 years ago

The lender quotes closing costs of $800 plus 2

Mathematics

1 answer:

koban [17]2 years ago

8 0

Based on the information the amount that the borrower have to pay is $13,000.

2 points represent 2% of the loan amount of $610,000.

Now let calculate the amount to pay using this formula

Amount=(Loan amount× Loan amount percentage)+ Closing costs

Where:

Loan amount=$610,000

Loan amount percentage=2%

Closing costs=$800

Let plug in the formula

Amount=($610,000 x 2%) + $800

Amount= $12,200 + $800

Amount=$13,000

Inconclusion the amount that the borrower have to pay is $13,000.

Learn more about loan here:brainly.com/question/25696681

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Let X be a binomial random variable with p = 0.7 and n = 10. Calculate the following probabilities from the binomial probability

padilas [110]

Answer:

0.4114

0.0006

0.1091

0.1957

Step-by-step explanation:

<u>Given: </u>

p = 0.7 n = 10

We need to determine the probabilities using table , which contains the CUMULATIVE probabilities P(X $\leq$ x).

a. The probability is given in the row with n = 10 (subsection x = 3) and in the column with p = 0.7 of table:

P(X $\leq$ 3) = 0.4114

b. Complement rule:

P( not A) = 1 - P(A)

Determine the probability given in the row with n = 10 (subsection x = 10) and in the column with p = 0.7 of table:

P(X $\leq$ 10) = 0.9994

Use the complement rule to determine the probability:

P(X > 10) = 1 - P(X $\leq$ 10) = 1 - 0.9994 = 0.0006

c. Determine the probability given in the row with n = 10 (subsection x = 5 and x = 6) and in the column with p = 0.7 of table:

P(X $\leq$ 5) = 0.8042

P(X $\leq$ 6) = 0.9133

The probability at X = 6 is then the difference of the cumulative probabilities:

P(X = 6) = P(X $\leq$ 6) - P(X $\leq$ 5) = 0.9133 — 0.8042 = 0.1091

d. Determine the probability given in the row with n = 10 (subsection x = 5 and x = 11) and in the column with p = 0.7 of table:

P(X $\leq$ 5) = 0.8042

P(X $\leq$ 11) = 0.9999

The probability at 6 $\leq$ X $\leq$ 11 is then the difference between the corresponding cumulative probabilities:

P(6 $\leq$ X $\leq$ 11) = P(X $\leq$ 11) - P(X $\leq$ 5) = 0.9999 — 0.8042 = 0.1957

6 0

3 years ago

Solve the equation for Y<br> 2x + y = -9

Westkost [7]

Alright, so first we'll have to get y on the other side

2x+y=-9

-y -y

+9 +9

2x+9=-y

Then divide is all by -1 so y is positive

-2x-9=y

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3 years ago

Read 2 more answers

IRISSAK [1]

Answer:

you search on doutnut ok dear

8 0

2 years ago

The percentage of body fat of a random sample of 36 men aged 20 to 29 found a sample mean of 14.42. Find a 95% confidence interv

Rina8888 [55]

Answer:

$14.42-1.96\frac{6.95}{\sqrt{36}}=12.150$

$14.42+ 1.96\frac{6.95}{\sqrt{36}}=16.690$

So on this case the 95% confidence interval would be given by (12.150;16.690)

Step-by-step explanation:

Previous concepts

A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".

The margin of error is the range of values below and above the sample statistic in a confidence interval.

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".

$\bar X=14.42$ represent the sample mean

$\mu$ population mean (variable of interest)

$\sigma=6.95$ represent the population standard deviation

n=36 represent the sample size

Solution to the problem

The confidence interval for the mean is given by the following formula:

$\bar X \pm z_{\alpha/2}\frac{\sigma}{\sqrt{n}}$ (1)

Since the Confidence is 0.95 or 95%, the value of $\alpha=0.05$ and $\alpha/2 =0.025$ , and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-NORM.INV(0.025,0,1)".And we see that $z_{\alpha/2}=1.96$