. Mortgages 2013 In December, 2013, Lender Processing Services* reported that although mortgage defaults had fallen, in New York state, 12.4% of mortgages were still “noncurrent,” meaning that payments had been missed. Suppose a New York bank holds 1731 mortgages. a) Can you apply the Central Limit Theorem to describe the sampling distribution model for the sample proportion of noncurrent mortgages? Check the conditions and discuss any assumptions you need to make. b) Sketch and clearly label the sampling model, based on the 68–95–99.7 Rule. c) How many of these homeowners might the bank expect will default on their mortgages? Explain.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
. Mortgages 2013 In December, 2013, Lender Processing Services* reported that although mortgage defaults had fallen, in New York state, 12.4% of mortgages were still “noncurrent,” meaning that payments had been missed. Suppose a New York bank holds 1731 mortgages.
a) Can you apply the Central Limit Theorem to describe the sampling distribution model for the sample proportion of noncurrent mortgages? Check the conditions and discuss any assumptions you need to make.
b) Sketch and clearly label the sampling model, based on the 68–95–99.7 Rule.
c) How many of these homeowners might the bank
expect will default on their mortgages? Explain.
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