# Question: Consider the loan fees charged for granting home mortgages as

Consider the loan fees charged for granting home mortgages, as shown in Table 4.3.8. These are given as a percentage of the loan amount and are one-time fees paid when the loan is closed.

a. Find the average loan fee.

b. Find the median loan fee.

c. Find the mode.

d. Which summary is most useful as a description of the “typical” loan fee, the average, median, or mode? Why?

a. Find the average loan fee.

b. Find the median loan fee.

c. Find the mode.

d. Which summary is most useful as a description of the “typical” loan fee, the average, median, or mode? Why?

**View Solution:**## Answer to relevant Questions

A mail-order sales company sent its new catalog initially to a representative sample of 10,000 people from its mailing list and received orders totaling $36,851. a. Find the average dollar amount ordered per person in this ...For the yields of municipal bonds (Table 3.9.1 in Chapter 3): a. Find the average yield. b. Find the median yield. c. Find the quartiles. d. Find the five-number summary. e. Draw a box plot of these yields. f. Identify the ...Use the data set from problem 21 of Chapter 3 on poor quality in the production of electric motors. a. Find the average and median to summarize the typical level of problems with quality of production. b. Remove the two ...For the annual salary levels: a. Construct a cumulative distribution function. b. Find the median, quartiles, and extremes. c. Construct a box plot, and comment on its appearance. d. Find the 10th percentile and the 90th ...a. What is a deviation from the average? b. What is the average of all of the deviations?Post your question