The average monthly mortgage payment including principle and interest is $982 in the US. If the standard deviation is approximatly $180 and mortgage payments are approximatly normally distributed, find the probability that the monthly payment is:
more than $1,000
1,000-982=18/180=.1
.1=.5398
1-.5398=.4602
more than $1475
1475-982=493/180=2.7
2.7=.9965
1-.9965=.0035
between $800 and $1150
800-982=-182/180=-.1
-.1=.1587
1150-982=168/180=.93
.93=.8238
.8238-.1587=.6651
I'm really not sure if I'm doing this correctly, can someone please help me?
more than $1,000
1,000-982=18/180=.1
.1=.5398
1-.5398=.4602
more than $1475
1475-982=493/180=2.7
2.7=.9965
1-.9965=.0035
between $800 and $1150
800-982=-182/180=-.1
-.1=.1587
1150-982=168/180=.93
.93=.8238
.8238-.1587=.6651
I'm really not sure if I'm doing this correctly, can someone please help me?