The APR Estimate Must Be Accurate Only to the Nearest

question 3

Multiple Choice

The APR estimate must be accurate only to the nearest ___ percent.

• A) 1/2
• B) 1/4
• C) 1/8
• D) 1/16

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Definitions:

Normally Distributed

Describes a probability distribution that is symmetrical about the mean, implying that the bulk of the data points lie close to the mean.

Middle 95%

Refers to the central 95% portion of a data set or probability distribution, commonly associated with a confidence interval.

Uniformly Distributed

Describes a distribution where all outcomes are equally likely across the distribution's range.

Travel Time

The duration required to move from one location to another, which can vary based on mode of transport and conditions.