Consumers with credit scores below 600 have a very difficult time getting approved for car or mortgage
Question:
Consumers with credit scores below 600 have a very difficult time getting approved for car or mortgage loans. In 2012, 24% of Americans had a credit score below 600. Due to the recent financial crisis, the federal government is concerned that this proportion has increased. To test this hypothesis, a random sample of 250 Americans was chosen in 2014. From this sample, 67 people had credit scores less than 600. Using σ = 0.10, answer the following questions:
a. Does this sample provide support for the government’s concern that the proportion of Americans with credit scores below 600 has increased since 2012?
b. Determine the p value for this test.
c. Verify your results using PHStat.
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a There is no evidence to suggest that the proportion of Am...View the full answer
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