A title company wants more information about mortgages based on the type of home being bought. 1000 mortgages are randomly selected. The sample results in the table below shows the number of mortgages funded based on the type of home purchased. Answer the following questions. Include your answers in fraction and in decimal forms and round your decimal answers to 4 digits. Single-Family Condo Multifamily Total Adjustable 400 Fixed 90 300 Total 200 1000 Fill in the remaining cells in the above table with your own numbers ensuring rows sum to row totals and columns sum to column totals. In addition, the row and column totals will both sum to the grand total of 1000. Answers will and should vary. The following questions will use the numbers (already existing or added by you) in this table. Fill in the table cells very carefully and use this table to answer the following questions.
A title company wants more information about mortgages based on the type of home being bought. 1000 mortgages are randomly selected. The sample results in the table below shows the number of mortgages funded based on the type of home purchased. Answer the following questions. Include your answers in fraction and in decimal forms and round your decimal answers to 4 digits.
|
|
Single-Family |
Condo |
Multifamily |
Total |
|
Adjustable |
400 |
|
|
|
|
Fixed |
|
90 |
|
300 |
|
Total |
|
|
200 |
1000 |
Fill in the remaining cells in the above table with your own numbers ensuring rows sum to row totals and columns sum to column totals. In addition, the row and column totals will both sum to the grand total of 1000. Answers will and should vary. The following questions will use the numbers (already existing or added by you) in this table. Fill in the table cells very carefully and use this table to answer the following questions.
- What is the
probability that the mortgage is Adjustable AND for a Single Family?
________________ ________________
- What is the probability that the type of home purchased is a Condo?
________________ ________________
- What is the probability that the mortgage is Fixed OR a Single-Family home is purchased?
________________ ________________
- Given that a Condo is purchased, what is the probability the mortgage is Adjustable?
________________ ________________
- Given that the mortgage is Adjustable, what is the probability that a Condo is purchased?
________________ ________________
- Determine if type of mortgage and home purchased are independent. Justify your answer by showing your work here. (HINT: Use the Multiplication Rule or conditional probabilities from above)
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determine if type of mortgage and home purchased are independent. Justify your answer by showing your work here. (HINT: use the multiplication rule or conditional probabilities from above)
by Bartleby Expert- Given that a Condo is purchased, what is the
probability the mortgage is Adjustable?
by Bartleby Expert
