Math

posted by .

The average monthly mortgage payment including principal and interest is $982 in the United States. If the standard deviation is approximately $180 and the mortgage payments are approximately normally distributed, find the probability that a randomly selected monthly payment is:
a. More than $1000
b. More than $1475
c. Between $800 and $1150

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Calculus

    A $99,000 mortgage for 30 years at 9% APR requires monthly payments of $796.58. Suppose you decided to make monthly payments of $1,100. When would the mortgage be completely paid?
  2. Economics

    Suppose that you have a $400,000 commercial mortgage with a 6.3% APR and a 25 year amortization period. Further, suppose that the mortgage has a 5 year balloon. How much of the 48th monthly payment is interest and how much is principal?
  3. math

    Ever wonder how much a house “actually” costs?
  4. College Algebra and Finance

    Please help! Just need the answer... A lender gives you a choice between the following two 30-year mortgages of $200,000: Mortgage A: 6.65% interest compounded monthly, one point, monthly payment of $1283.93 Mortgage B: 6.8% interest …
  5. math

    A lender gives you a choice between the following two 30-year mortgages of $200,000: Mortgage A: 6.65% interest compounded monthly, one point, monthly payment of $1283.93 Mortgage B: 6.8% interest compounded monthly, no points, monthly …
  6. Payment calculation

    On a 100000 dollars mortgage loan for 10 years at 4.5% interest rate what would be the monthly payment (including principal)
  7. finance

    You decide to buy a new home for $101000.00 at 7.5% interest rate. You feel that you can afford $800.00 for a mortgage payment. You make a down payment of $10000.00 How much will you still owe after making payments for one year. Show …
  8. Urgent math

    A couple needs a mortgage of $300,000. Their mortgage broker presents them with two options: a 30-year mortgage at 8 1/2% interest or a 15-year mortgage at 7 3/4% interest. (Round your answers to the nearest cent.) (a) Find the monthly …
  9. Math

    A mortgage of 200 000 is required to purchase a house. The mortgage will be repaid with equal monthly payments over 25 years at 10% compounded monthly. what is the monthly payment
  10. Math

    You have a $200,000 mortgage. You have had the house for one year. The rate is 7.5% fixed for 30 years. Rates have come down and you are thinking of refinancing at the new rate of 6%. 1) What is your mortgage payment and interest on …

More Similar Questions