Using the t-distribution, it is found that the test statistic for the hypotheses test is given by:
<h3>What are the hypotheses tested?</h3>
At the null hypotheses, it i tested if the mean difference remains the same, that is:
At the alternative hypotheses, it is tested if it has decreased, hence:
.
<h3>What is the test statistic?</h3>
The test statistic is given by:
The parameters are:
is the sample mean.
is the value tested at the null hypothesis.
- s is the standard deviation of the sample.
The parameters are given as follows:
.
Hence the test statistic is given by:
More can be learned about the t-distribution at brainly.com/question/16162795
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D
It makes sense. At most means equal or less than. The 10 per hour has a variable.
The monthly payment on the mortgage is option C) $2537.44
<u>Step-by-step explanation</u>:
- Principal (P): $
295,000
- Rate (r): 6.3% = 0.063
- Number of times compounded (n): 12months
15 years = 180
- Number of years = 15
The formula is A = P(1 + r/n)^nt
⇒ A = 295000(1+0.063/180)^(18015)
⇒ A = 295000(180.063/180)^2700
⇒ A = 295000 (1.00035)^2700
⇒ A = 758854.5
Interest = Amount - Principle
⇒ 758854.5 - 295000
⇒ Interest = 463854.5
∴ The monthly payment for 15 years = 463854.5 / (1512)
The monthly payment on the mortgage = 2576.9 (approximately option C)
