The average monthly mortgage payment including principal andinterest is $982 in

Question

The average monthly mortgage payment including principal andinterest is $982 in the United States. If the standard deviation is approximately $180 and themortgage payments are approximately normally distributed, find theprobability that a radomly selected monthly payment is: a) more the $1000 b) More than $1475 c) Between $800 and $1150 Lifesaver for work shown The average monthly mortgage payment including principal andinterest is $982 in the United States. If the standard deviation is approximately $180 and themortgage payments are approximately normally distributed, find theprobability that a radomly selected monthly payment is: a) more the $1000 b) More than $1475 c) Between $800 and $1150 Lifesaver for work shown

Explanation / Answer

= 982, = 180

x= 1000

z = (x - )/

    = (1000 – 982) / 180 =0.1

P(X > 1000) =P(Z > 0.1) = 0.4602

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