A Survey of Banks Revealed the Following Distribution for the Interest

question 75

Multiple Choice

A survey of banks revealed the following distribution for the interest rate being charged on a
Home loan (based on a 30-year mortgage with a 10% down payment) on a certain date in the past.
If a bank is selected at random from this distribution, what is the chance that the interest rate charged
On a home loan will exceed 3.49%?

• A) 0.06
• B) 0.41
• C) 0.59
• D) 1.00

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Definitions:

Aversive Conditioning

A form of behavior therapy that involves reducing undesirable habits by teaching the subject to associate an unpleasant or aversive stimulus with the habit.

Electric Shock

A sudden discharge of electricity through a part of the body, potentially causing injury or neurological effects.

McClelland's Need

A motivational theory that identifies three primary needs driving human behavior: need for achievement, need for affiliation, and need for power.

Maslow's Needs

A hierarchy developed by Abraham Maslow that categorizes human needs into five levels, from basic physiological needs to self-actualization, influencing motivation and behavior.