In the United States banks and financial institutions often require buyers of ho
ID: 2924941 • Letter: I
Question
In the United States banks and financial institutions often require buyers of houses to pay fees in order to arrange mortgages. In a survey conducted by the U.S. Federal Housing Finance Board 350 buyers of new houses who received a mortgage from a bank were asked to report the amount of fees (Fees include commissions, discounts and points.) they paid as a percentage of the whole mortgage. (Adapted from Statistical Abstract of the United States, 2009, Table 1153)
Compute the mean and median. Interpret the statistics you computed.
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Fees as a % of Mortgage Value 1.06 1.30 0.72 1.10 1.03 1.25 0.00 0.91 0.77 0.68 0.56 0.33 0.63 0.67 1.03 0.65 0.70 0.99 0.49 0.28 0.81 0.90 1.03 0.16 0.33 0.33 0.82 1.47 1.01 0.95 0.73 0.65 0.49 0.76 0.99 0.56 0.49 1.10 1.37 0.84 0.76 0.74 0.59 1.09 1.05 0.79 0.76 0.82 0.76 0.71 1.26 1.00 1.01 0.81 0.00 0.19 0.84 0.75 1.34 0.68 0.94 0.60 0.22 0.75 0.92 0.67 0.78 0.26 0.93 0.52 0.41 0.84 0.96 1.16 1.11 1.39 0.88 0.42 0.59 0.37 0.85 0.22 0.95 0.67 0.28 1.00 0.00 0.79 0.88 0.55 1.00 1.18 1.04 0.06 1.35 0.96 0.90 0.27 0.69 0.85 1.01 1.07 0.53 0.81 0.70 0.80 0.90 0.97 0.73 0.55 0.57 0.29 0.97 0.94 0.87 1.12 0.78 0.59 1.20 0.88 1.21 1.37 0.34 0.95 1.29 0.50 0.91 0.07 0.91 1.11 1.02 0.82 1.12 1.11 1.09 0.59 1.62 0.82 0.85 0.91 1.16 0.87 1.02 1.16 0.99 0.54 1.16 1.23 0.87 0.45 0.91 0.82 0.72 1.12 1.17 0.86 1.02 1.14 0.10 0.99 0.81 0.70 0.44 0.83 0.96 0.58 1.04 0.69 1.40 0.49 0.82 0.68 1.25 1.07 0.58 0.00 0.99 0.46 0.48 1.02 0.86 0.20 0.52 0.87 0.32 0.10 0.73 0.61 0.84 1.20 1.30 1.17 0.48 0.60 0.37 1.02 0.71 0.94 0.73 0.28 0.03 0.88 0.35 0.21 0.40 0.83 0.93 0.99 0.61 1.19 0.58 1.07 0.61 0.97 1.35 1.18 1.02 0.71 0.82 0.92 1.37 0.71 0.41 0.41 0.93 0.70 0.43 0.67 0.58 0.80 1.17 0.66 0.49 0.66 1.28 0.40 0.80 1.16 1.59 1.03 0.97 0.76 1.21 0.85 1.38 0.56 1.12 0.76 0.83 1.03 1.29 0.74 0.93 0.73 0.51 0.94 1.08 0.31 1.34 0.45 1.06 0.80 0.99 0.98 0.66 0.85 1.08 1.11 0.72 0.39 1.13 0.62 0.91 1.01 0.80 0.72 0.52 0.18 1.10 0.56 0.58 0.55 0.56 0.99 0.71 1.24 0.85 0.95 0.95 0.36 0.71 0.69 1.19 0.65 0.74 0.81 0.77 1.16 1.20 0.55 1.12 0.75 0.58 1.07 0.88 1.04 0.61 1.12 0.80 0.88 1.05 1.03 0.55 0.80 0.84 1.35 1.11 0.68 0.62 0.45 0.91 0.84 0.25 0.48 1.12 1.06 0.88 0.94 1.01 1.16 0.90 0.54 1.09 0.85 0.58 0.77 1.14 0.95 1.22 1.27 0.47 0.94 0.08 1.74 0.52 0.54 0.56 1.04 0.98 0.79Explanation / Answer
Mean =sum of all observations/number of observations
Mean=283.47/350 =0.8099
Median = AVG(n/2 , (n+1)/2) = 0.83
Here Mean>Median , It is possitive skewed distribution.
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