Question

Because of the relatively high interest rates of credit cards, most consumers attempt to pay off their credit card bills promptly. When a cardholder does not pay off the full balance within the first month, the cardholder must pay interest on the amount owed. An analysis of the amount of interest paid monthly by a bank's Visa cardholders reveals that the amount is normally distributed with a mean of 30 dollars and a standard deviation of 6 dollars.

A. What proportion of the bank's Visa cardholders pay more than 33 dollars in interest?

B. What proportion of the bank's Visa cardholders pay more than 40 dollars in interest?

C. What proportion of the bank's Visa cardholders pay less than 18 dollars in interest?

D. What interest payment is exceeded by only 22% of the bank's Visa cardholders?

Answer 1

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