Question

In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 14 recent loans is taken. The average calculated from this sample is 7.35%. It can be assumed that 30-year fixed mortgage rates are normally distributed with a standard deviation of 0.6%. Compute 90% and 99% confidence intervals for the population mean 30-year fixed mortgage rate. (You may find it useful to reference the z table. Round intermediate calculations to at least 4 decimal places. Round "z" value to 3 decimal places and final answers to 2 decimal places. Enter your answers as percentages, not decimals.)

Answer #1

In order to estimate the mean 30-year fixed mortgage rate for a
home loan in the United States, a random sample of 27 recent loans
is taken. The average calculated from this sample is 5.50%. It can
be assumed that 30-year fixed mortgage rates are normally
distributed with a standard deviation of 0.8%. Compute 90% and 95%
confidence intervals for the population mean 30-year fixed mortgage
rate. (You may find it useful to reference the z table. Round
intermediate calculations...

In order to estimate the mean 30-year fixed mortgage rate for a
home loan in the United States, a random sample of 21 recent loans
is taken. The average calculated from this sample is 4.50%. It can
be assumed that 30-year fixed mortgage rates are normally
distributed with a standard deviation of 0.3%. Compute 90% and 95%
confidence intervals for the population mean 30-year fixed mortgage
rate. (You may find it useful to reference
the z table. Round intermediate
calculations...

in order to estimate the mean 30 year fixed mortgages
rate for a home loan in the United States, a random of 26 recent
loans is taken. the average calculated from this sample is 7.20%.
it can be assumed that 30 year fixed mortgages rates are normally
distributed with a standard deviation of 0.70%. compute an 95% and
a 99^

The interest rate quoted on 30-year fixed rate mortgage is 4.5%
APR (monthly compounding). Calculate the effective annual rate on
this loan. (Enter percentages as decimals and round to 4
decimals)

Following Our interest rates annual percentage rates for a 30
year fixed rate mortgage from a sample of lenders in a certain
city. It is reasonable to assume that the population is
approximately normal. 4.327, 4.461, 4.547, 4.695, 4.365, 4.669,
4.842 Find the upper bound of the 99% confidence interval for the
mean rate Round to three decimal places.

A homeowner took out a 30-year, fixed-rate mortgage of $165,000.
The mortgage was taken out 10 years ago at a rate of 8.1 percent.
If the homeowner refinances, the charges will be $2750. What is the
highest interest rate at which it would be beneficial to refinance
the mortgage? (Do not round intermediate calculations. Round your
answer to 2 decimal places. Omit the "%" sign in your
response.).

Following are interest rates (annual percentage rates) for a
30-year-fixed-rate mortgage from a sample of lenders in a certain
cityIt is reasonable to assume that the population is approximately
normal.
4.327,4.461,4,547 4.468, 4.365 , 4.707, 4.842
Find the upper bound of the 99% confidence interval for the
mean rate.
Round to three decimal places (for example : 4.015 ). Write
only a number as your answer . Do not write any units ..

You need a 30-year, fixed-rate mortgage to buy a new home for
$265,000. Your mortgage bank will lend you the money at an APR of
5.6 percent for this 360-month loan. However, you can only afford
monthly payments of $1,050, so you offer to pay off any remaining
loan balance at the end of the loan in the form of a single balloon
payment.
How large will this balloon payment have to be for you to keep
your monthly...

Following are interest rates (annual percentage rates) for a
30-year-fixed-rate mortgage from a sample of lenders in a certain
city. It is reasonable to assume that the population is
approximately normal. 4.327, 4.461, 4.547, 4.621 , 4.365, 4.558 ,
4.842 Find the upper bound of the 99% confidence interval for the
mean rate.

A homeowner took out a 20-year fixed-rate mortgage of $70,000.
The mortgage was taken out 13 years ago at a rate of 7.45 percent.
If the homeowner refinances, the charges will be $1,500. What is
the highest interest rate at which it would be beneficial to
refinance the mortgage? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.)
APR % ____

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