It Is Now Three Months Later and Monty Has Missed

question 56

Multiple Choice

It is now three months later and Monty has missed two payments in a row and he is now paying the default or penalty rate on his balance.How much interest per month will Monty be accruing on his unpaid balance?

• A)18%
• B)1.5%
• C)36%
• D)3%

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Definitions:

Scatterplot

An illustrative technique in statistics that depicts the correlation between two distinct sets of data using a collection of points on a two-dimensional graph.

Data Set

A collection of related sets of information that are composed of separate elements but can be manipulated as a unit by a computer.

Residuals

The differences between observed values and the values predicted by a model in statistical analysis.

Scatterplots

Graphical representations using dots to show the relationship between two variables, each dot representing an observation in the dataset.