Zack took out a 30-year mortgage for $70,000 at 9%. How much is his monthly mortgage payment? please explanation.. I assume $630
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The value of alpha is 0.26, assuming a confidence level of 74%.
<h3>What is the margin of error?</h3>The significance level α is the probability of making the wrong decision when the null hypothesis is true.
Alpha levels which is also called as significance levels are used in hypothesis tests.
Given
When finding the margin of error for the mean of a normally distributed population from a sample.
The confidence interval = 74% = 0.74.
The value of the alpha is given by;
Substitute all the values in the formula
Hence, the value of alpha is 0.26, assuming a confidence level of 74%.
To know more about confidence interval click the link given below.