Normal Distribution: First Mortgage
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The average conventional first mortgage for new single-family homes was $294,000. Assuming a normal distribution and a standard deviation of o = $30,000, what proportion of the mortgages were:
a. more than $294,000?
b. between $234,000 and $354,000?
c. between $264,000 and $342,000?
d. more than $204,000?
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Solution Summary
This solution contains explanations as well as calculations with regards to calculating proportions and probability in the context of first mortgages.
Solution Preview
Suppose the mortgage is X, it has means m = $294,000 and standard deviation o = $30,000.
Let Y = (X - m)/o = (X - 294000)/30000, then X = 30000Y + ...
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