What is the probability that credit card holders pay less

Assignment Help Financial Accounting

Reference no: EM133346111

Question: Most credit card holders pay off their debt promptly, to avoid paying interest. However, sometimes, this is not possible. Interest paid monthly on credit card debt is normally distributed with a mean of $38 and a standard deviation of $5.

a) What is the probability that credit card holders pay less than $30 in debt? SHOW BASIC WORKINGS.

b) What interest payment caps the lowest 0.8% of all credit card holders? SHOW BASIC WORKINGS.

c) If you are now told that interest paid monthly is positively skewed, can you trust your answer to part a)? Briefly explain.

Reference no: EM133346111

Questions Cloud

Dante says that he neared the goal of all (his) nature : Is God/the divine the "goal" of our "nature"? Do we, as humans, have a longing for something divine, something more than the everyday material world

Describe the effective structure of a business report : Communication is the sum of all the activities that a person does when he wants to create understanding in the minds of others. It is a bridge of meaning.

Difference between love and hate as kinds of emotions : What the difference between love and hate as kinds of emotions? Using your answer, explain why jealousy about love never makes sense

Identify one policy relating to your area of health : You will need to identify one policy relating to your area of health and social care and think about applying a structure when examining it.

What is the probability that credit card holders pay less : What is the probability that credit card holders pay less than $30 in debt? SHOW BASIC WORKINGS. What interest payment caps the lowest 0.8% of all credit card

Is it better to be marilyn unhappy or val happy : Is it better to be Marilyn unhappy or Val happy? How should "happiness" be defined? Is happiness subjective or objective? What are ways to measure happiness

What is the main issue on this story and how was it solved : What is a thesis statement for this story? how does the thesis define the stories issue and What is the main issue on this story and how was it solved

What other values besides suffering and compassion : what other values besides suffering and compassion would need to be revalued given the revaluation of those two (suffering and compassion)

How do i a check payable to both eric and chris : which is Chris Partner Distribution account and Eric Partner Distribution Account. Also, for the second requirement, you have to do a check payable

User Account

All Pages