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week 3 individual - e Individual Assignments 59 A major...

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e Individual Assignments: 59. A major cost factor in the purchase of a home is the monthly loan payment. There are many Websites where prospective home buyers can shop the interest rates and determine their monthly payment. Capital Bank of Virginia is considering offering home loans on the Web. Before making a final decision, a sample of recent loans is selected and the monthly payment noted. The information is organized into the following frequency distribution. Mortgage f X fX CF $100 up to $500 1 300 300 1 500 up to 900 9 700 6300 10 900 up to 1300 11 1100 12,100 21 1300 up to 1700 23 1500 34,500 44 Median falls in here. 1700 up to 2100 11 1900 20,900 55 2100 up to 2500 4 2300 9200 59 2500 up to 2900 1 2700 2700 60 Total 60 86,000 a. Determine the mean monthly payment. This requires us to use the formula fx n = 3 . 1433 60 86000 = To do this, we need the midpoint of every class – I started above (x). Do you notice they go down by $ 400 – the width of the intervals. b. Determine the median monthly payment. We need the cumulative frequency column. Median is half above, half below. We
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