The equation below estimates the effect of race on the probability of mortgage denial, holding constant the payment-to-income ratio. Pr (deny: 1 |P/ l ratio, black) = ( 2.21 + 2.73P/l ratio + 0.75black) (0.16) (0.45) (0.085) A black mortgage applicant has a P/l ratio of 0.39. What is the predicted probability that his application will be denied? The predicted probability that his application will be denied is 34.64 %. (Express your response as a percentage and round to two decimal places) Suppose that the applicant reduced this ratio to 0.31. What effect would this have on his predicted probability of being denied a mortgage? The predicted probability of being denied a mortgage would decrease by 7.67 percentage points. (Round your response to two decimal places) Awhite mortgage applicant has a P/l ratio of 0.36. What is the predicted probability that his application will be denied? The predicted probability that his application will be denied is |:|%. (Express your response as a percentage and round to two decimal places)