The chief loan officer of La Crosse Home Mortgage Company summarized the housing loans extended by the company in 2017 according to type and term of the loan. Her list shows that 60% of the loans were fixed-rate mortgages (F), 30% were adjustable-rate mortgages (A), and 10% belong to some other category (0) (mostly second trust-deed loans and home equity loans). Of the fixed-rate mortgages, 80% were 30-year loans and 20% were 15-year loans; of the adjustable-rate mortgages, 35% were 30-year loans and 65% were 15-year loans; finally, of the other loans extended, 25% were 20-year loans, 60% were 10-year loans, and 15% were for a term of 5 years or less. (a) Draw a tree diagram representing these data. 30 15 30 10 20 O 15 30 10 20 ca5 15 30 O 0 20 ca5 15 30 15 30 O 10 20 a5 10 20 ca5 15 30 (b) What is the probability that a home loan extended by La Crosse has an adjustable rate and is for a term of 15 years? 21 (c) What is the probability that a home loan extended by La Crosse is for a term of 15 years? 36

The chief loan officer of La Crosse Home Mortgage Company summarized the housing loans extended by the company in 2017 according to type and term of the loan. Her list shows that 60% of the loans were fixed-rate mortgages (F), 30% were adjustable-rate mortgages (A), and 10% belong to some other category (0) (mostly second trust-deed loans and home equity loans). Of the fixed-rate mortgages, 80% were 30-year loans and 20% were 15-year loans; of the adjustable-rate mortgages, 35% were 30-year loans and 65% were 15-year loans; finally, of the other loans extended, 25% were 20-year loans, 60% were 10-year loans, and 15% were for a term of 5 years or less. (a) Draw a tree diagram representing these data. 30 15 30 10 20 O 15 30 10 20 ca5 15 30 O 0 20 ca5 15 30 15 30 O 10 20 a5 10 20 ca5 15 30 (b) What is the probability that a home loan extended by La Crosse has an adjustable rate and is for a term of 15 years? 21 (c) What is the probability that a home loan extended by La Crosse is for a term of 15 years? 36

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Description: I've been stuck on this question all day and need help solving it, thanks so much. The chief loan officer of La Crosse Home Mortgage Company summarized the housing loans extended by the company in 2017 according to type and term of the loan. Her list

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 28EQ

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The chief loan officer of La Crosse Home Mortgage Company summarized the housing loans extended by the company in 2017 according to type and term of the loan. Her list shows that 60% of the loans were fixed-rate mortgages (F), 30%were adjustable-rate mortgages (A), and 10% belong to some other category (O) (mostly second trust-deed loans and home equity loans). Of the fixed-rate mortgages, 75% were 30-year loans and 25% were 15-year loans; of the adjustable-rate mortgages, 30% were 30-year loans and 70% were 15-year loans; finally, of the other loans extended, 25% were 20-year loans, 60% were 10-year loans, and 15% were for a term of 5 years or less. What is the probability that a home loan extended by La Crosse has an adjustable rate and is for a term of 15 years? What is the probability that a home loan extended by La Crosse is for a term of 15 years?
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