# Question: According to Experian 2 5 of carloan payments were 30 days

According to Experian, 2.5% of carloan payments were 30 days past due in 2012, the lowest percentage since 2007. Lenders prefer auto loans to home mortgages because, when borrowers get into financial trouble, they tend to pay the auto loan first because cars are more easily seized by banks. A random sample of 24 car loans was randomly selected.

a. Use the binomial distribution to determine the probability that exactly one loan is 30 days past due from this sample.

b. Use the binomial distribution to determine the probability that exactly four loans are 30 days past due from this sample.

c. Use the Poisson distribution to determine the probability that exactly one loan is 30 days past due from this sample.

d. Use the Poisson distribution to determine the probability that exactly four loans are 30 days past due from this sample.

a. Use the binomial distribution to determine the probability that exactly one loan is 30 days past due from this sample.

b. Use the binomial distribution to determine the probability that exactly four loans are 30 days past due from this sample.

c. Use the Poisson distribution to determine the probability that exactly one loan is 30 days past due from this sample.

d. Use the Poisson distribution to determine the probability that exactly four loans are 30 days past due from this sample.

## Answer to relevant Questions

According to hybridcars. com, the market share of hybrid cars in the United States in February 2013 is 3.4%. Consider a random sample of 20 cars in the United States. a. Use the binomial distribution to determine the ...My department at school is comprised of 10 faculty and 6 administrators. I need to organize a committee of six people from the department. If I randomly select these committee members, determine the probability that the ...A study conducted by Hershey’s discovered that Americans consumed an average of 11.4 pounds of chocolate per year (seems low to me). Let’s assume that the annual chocolate consumption follows the normal distribution with ...According to the Pew Research Center, 33% of U. S. adults owned a tablet in 2012. Use the normal approximation to the binomial distribution to calculate the probability that, from a sample of 24 U. S. adults, a. Less than ...Assume the average time between students walking up to my desk during a statistics exam to ask a question in a desperate attempt to gain some insight into how to solve a problem is 8 minutes and follows the exponential ...Post your question