(Solved) The average monthly mortgage payment including principal and interest is $982 in the United States. The standard deviation is approximately $180
Question: The average monthly mortgage payment including principal and interest is $982 in the United States. The standard deviation is approximately $180 and mortgage payments are normally distributed.
Use Table 4 (Standard Normal probability table), software, or the TI-calculator to find the probability that a randomly selected monthly payment is more than $1000.
Use Table 4 (Standard Normal probability table), software, or the TI-calculator to find the probability that a randomly selected monthly payment is between $800 and $1150.
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