Calculate this mortgage payment. Principal Per Month $750 Interest Per Month $120 Property Tax Per Year 0.5 percent of the value
2 answers:
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Answer:
a. 0.71
b. 0.9863
Step-by-step explanation:
a. The mean of the distribution is given as $403,000 and the standard deviation is $278,000.
-To estimate the probability that a randomly selected house has a value less than $500,000:
Thus, the probability that a randomly selected house has a value less than $500,000 is 0.71
b. -since 40 is larger than or equal to 30, we assume normal distribution.
-The probability can therefore be calculated as:
Hence, the probability that the mean value of the 40 houses is less than $500,000 is 0.9863