In recent times, with mortgage rates at low levels, financial institutions have had to provide more customer
Question:
In recent times, with mortgage rates at low levels, financial institutions have had to provide more customer convenience. One of the innovations offered by Coastal National Bank and Trust is online entry of mortgage applications. Listed below are the times, in minutes, for eight customers to complete the application process for a 15-year fixed-rate mortgage and the times for nine customers to complete an application for a 30-year fixed-rate mortgage.
15 years, fixed rate ......41, 36, 42, 39, 36, 48, 49, 38
30 years, fixed rate ......21, 27, 36, 20, 19, 21, 39, 24, 22
At the .05 significance level, is it reasonable to conclude that it takes less time for those customers applying for the 30-year fixed-rate mortgage? Do not assume the distribution times follow a normal distribution for either group.
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Step by Step Answer:
H o The distributions are the same H 1 The 15 year application takes longer ...View the full answer
Statistical Techniques In Business And Economics
ISBN: 356
16th Edition
Authors: Douglas Lind, William Marchal
