1.)The average monthly mortgage payment including principal and interest is $982 in the United States. If the standard deviationis approximately $180 and the mortgage payments are approximately normally distributed, find the probabilitythat a randomly selected monthly payments is:
A. More than $1000
B. More than $1475
C. Between $800 and $1150
2.) Product Marketing: An advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6256. If the company plans to target the bottom 18% of the families based on income, find the cut-off income. Assume the variable is normally distributed.
3) What is to the right of z = 0.29
The solution provides detailed explanation how to find the cutoff value for normal distribution based on the z score.