In order to estimate the mean 30-year fixed mortgage rate for a home loan in...
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In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 24 recent loans is taken. The average calculated from this sample is 6.80%. It can be assumed that 30 -year fixed mortgage rates are normally distributed with a population standard deviation of 0.5%. Compute 95% and 99% confidence intervals for the population mean 30 -year fixed mortgage rate. (You may find it useful to reference the ztable. Round your final answer to 2 decimal places, Enter your answers as percentages, not decimals.)
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