A study by the Massachusetts Community & Banking Council found that blacks, and, to a lesser extent, Latinos, remain largely unable to borrow money at the same interest rate as whites (Boston Globe, February 28, 2008). The following contingency table shows representative data for the city of Boston, cross-classified by race and type of interest rate received:

At the 5% significance level, do the data indicate that the interest rate received on a loan is dependent on race? Provide thedetails.

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Type of Interest Rate on Loan High Interest Rate Lower Interest Rate Race Black Latino White 553 265 491 480 324 3701