Please show workings. Please do not do in excel as I need to see clear workings.

Suppose you have a credit score of 730 and you are applying for a car loan.

1)Calculate and interpret the estimated probability of your loan not being approved. (2 marks)

2)What are the odds of your loan being approved? (2 marks)

3)Suppose your payment history increased significantly which resulted in your credit score increasing by one percent; does this change the odds of your loan being approved? If yes, by how much? Justify your answer. (3 marks)

4)Suppose the amount you owe on previous loans increase due to your inability to make timely payments, as a result, your credit score decreases by two percent; does this change the odds of your loan being approved? If yes, by how much? Justify your answer. (3 marks)

The estimated Logit function is: eBo + B.X = 1+eBo + Box Where X = Credit score (from Creditinfo Jamaica) p = estimated probability Bo=-10 Bi= 0.016