a normally distributed set of data has a mean of 20 and a standard deviation of 3. determine the probability that a randomly selected x-value Is between 14 and 26

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nadarius2017

15.02.2020

Mathematics

1) First you need to find the monthly payment.
$m = P\frac{i(1+i)^{360}}{(1+i)^{360} - 1}, P = 120,000, i = 0.005 \\ \\ m = 719.46$

Next, you need a function for balance remaining at time 't'.
$B(t) = (P-\frac{m}{i})(1+i)^t +\frac{m}{i} \\ \\ B(180) = 85,258.8$

So after 15 years, she still owes 85,258.80 on the mortgage.

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