Auto Loans - George works for a credit union that serves a large, urban area. For...
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Auto Loans - George works for a credit union that serves a large, urban area. For his annual report, he wants to estimate the mean interest rate for 60-month fixed-rate auto loans at lending institutions (banks, credit unions, auto dealers, etc.) in his area. George selects a random sample of 12 lending institutions and obtains the following rates: 7.32 7.44 2.35 4.42 4.46 4.91 n= 4.98 5.48 3.92 6.56 Round all calculated answers to 4 decimal places. George calculates a sample mean of 5.095 and a sample standard deviation of 1.6734. 1. Calculate a 90% confidence interval for the mean interest rate for 60-month fixed-rate auto loans at lending institutions in George's area. Assume necessary conditions have been met and round your result to 4 decimal places. ) 6.63 2.67 After calculating the interval, George decides he wants to estimate the interest rate for 60-month fixed-rate auto loans at 90% confidence with a margin of error of no more than 0.33. 2. Using George's initial sample results as a starting point, how large a sample would George need to collect to accomplish his goal? Use a t* value rounded to 3 decimal places in your calculations and give your answer as an integer. Auto Loans - George works for a credit union that serves a large, urban area. For his annual report, he wants to estimate the mean interest rate for 60-month fixed-rate auto loans at lending institutions (banks, credit unions, auto dealers, etc.) in his area. George selects a random sample of 12 lending institutions and obtains the following rates: 7.32 7.44 2.35 4.42 4.46 4.91 n= 4.98 5.48 3.92 6.56 Round all calculated answers to 4 decimal places. George calculates a sample mean of 5.095 and a sample standard deviation of 1.6734. 1. Calculate a 90% confidence interval for the mean interest rate for 60-month fixed-rate auto loans at lending institutions in George's area. Assume necessary conditions have been met and round your result to 4 decimal places. ) 6.63 2.67 After calculating the interval, George decides he wants to estimate the interest rate for 60-month fixed-rate auto loans at 90% confidence with a margin of error of no more than 0.33. 2. Using George's initial sample results as a starting point, how large a sample would George need to collect to accomplish his goal? Use a t* value rounded to 3 decimal places in your calculations and give your answer as an integer.
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1 To calculate a 90 confidence interval for the mean interest rate we can use the formula Confidence Interval Sample Mean Critical Value Standard Error First we need to find the critical value associa... View the full answer
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