A loan officer compares the interest rates for 48 month fixed rate auto loans and 48 month
Question:
A loan officer compares the interest rates for 48 month fixed rate auto loans and
48 month variable rate auto loan rates. Two, independent random samples for fixed
and variable rates provided the following rates. Five 48 month fixed rate auto loans
had the following rates:
3.75%, 4,50%, 3.99%, 4.25%, 3.99%
Five 48 month variable rate loans led to the following rates:
3.59%, 3.75%, 3.69%, 3.50%, 3.80%
- 10 pts
a) Is there enough evidence to indicate a difference in the variances of the interest rates
for these fixed and variable rate loans? Assume alpha = .05.
2.5 pts
b) What is the p value for this problem?
2. 10 pts
a) Is there enough evidence to indicate that the mean interest rate for fixed-rate
loans is greater than the interest rate for variable rate loans? Assume alpha =.05
b) What is the p-value for this problem?
Business Statistics In Practice
ISBN: 9780073401836
6th Edition
Authors: Bruce Bowerman, Richard O'Connell