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a. A random sample of 150 approved mortgage applications is selected from a bank's database. Customers of this bank can choose either variable or interest-only mortgages. These mortgage choices have either a 20-year or 30-year term. The data are displayed i table below. Term Type of Mortgage 20-year Total 30-year 25 Variable 45 Interest Only 40 40 Total Use the table above to answer the questions below. i. If an approved application is selected at random, what is the probability that it is a 30-year term application? ii. If an approved application is randomly selected, what is the probability that the mortgage choice is variable and has a term of 20 years or is interest only and has a term of 20 years?

a. A random sample of 150 approved mortgage applications is selected from a bank's database. Customers of this bank can choose either variable or interest-only mortgages. These mortgage choices have either a 20-year or 30-year term. The data are displayed i table below. Term Type of Mortgage 20-year Total 30-year 25 Variable 45 Interest Only 40 40 Total Use the table above to answer the questions below. i. If an approved application is selected at random, what is the probability that it is a 30-year term application? ii. If an approved application is randomly selected, what is the probability that the mortgage choice is variable and has a term of 20 years or is interest only and has a term of 20 years?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section: Chapter Questions
Problem 13PT
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a. A random sample of 150 approved mortgage applications is selected from a bank's database. Customers of this bank can choose either variable or interest-only mortgages. These mortgage choices have either a 20-year or 30-year term. The data are displayed i table below. Term Type of Mortgage 20-year Total 30-year 25 Variable 45 Interest Only 40 40 Total Use the table above to answer the questions below. i. If an approved application is selected at random, what is the probability that it is a 30-year term application? ii. If an approved application is randomly selected, what is the probability that the mortgage choice is variable and has a term of 20 years or is interest only and has a term of 20 years?
Transcribed Image Text:a. A random sample of 150 approved mortgage applications is selected from a bank's database. Customers of this bank can choose either variable or interest-only mortgages. These mortgage choices have either a 20-year or 30-year term. The data are displayed i table below. Term Type of Mortgage 20-year Total 30-year 25 Variable 45 Interest Only 40 40 Total Use the table above to answer the questions below. i. If an approved application is selected at random, what is the probability that it is a 30-year term application? ii. If an approved application is randomly selected, what is the probability that the mortgage choice is variable and has a term of 20 years or is interest only and has a term of 20 years?
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