Consider the loan fees charged for granting home mortgages, as shown in Table 4.3.8. These are given

Question:

Consider the loan fees charged for granting home mortgages, as shown in Table 4.3.8. These are given as a percentage of the loan amount and are one-time fees paid when the loan is closed.
a. Find the average loan fee.
b. Find the median loan fee.
c. Find the mode.
d. Which summary is most useful as a description of the €œtypical€ loan fee, the average, median, or mode? Why?