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QUESTION
Loans that are 60 days or more past due are considered seriously delinquent.The Mortgage Bankers Association reported that the rate of seriously...
Loans that are 60 days or more past due are considered seriously delinquent.The Mortgage Bankers Association reported that the rate of seriously delinquentloans has an average of 9.1% (The Wall Street Journal, August 26, 2010). Let the rateof seriously delinquent loans follow a normal distribution with a standard deviationof 0.80%
.a. What is the probability that the proportion of seriously delinquent loans has a rate above 8%?
