The Following Values Represent the Population of Home Mortgage Interest

question 98

Multiple Choice

The following values represent the population of home mortgage interest rates (in percents) being charged by the banks in a particular city: Given this information, what is the smallest to largest range for the sampling error possible if a random sample of n = 3 banks is surveyed and the mean loan rate is calculated?

• A) About -0.43 to 0.40 percent
• B) About -0.40 to 0.43 percent
• C) About 0.40 to 0.43 percent
• D) Can't be determined without more information.

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Definitions:

Reputability

Refers to the quality or state of being reputable, widely respected, and honored by others, often used in the context of individuals, organizations, or businesses.

Leisure

Time spent away from work and essential domestic activities, typically used for relaxation, recreation, or personal interests.

Economic Motives

The underlying reasons that guide individuals or entities to make decisions regarding the allocation of resources.

Disposable Income

This is the amount of money that households have available for spending and saving after income taxes have been accounted for.