A bank offers both adjustable rate and fixed rate mortgage

Last updated: 11/9/2023

A bank offers both adjustable rate and fixed rate mortgage loans on residential properties which are classified into three categories single family houses condominiums and multifamily dwelling Suppose each loan made in 2020 was classified according to type of mortgage and type of property resulting in the following table Consider the chance experiment of selecting one of these 3 750 loans at random Round your answers to three decimal places Adjustable Fixed Rate Total Single Family Condo Multifamily Total 337 2 700 1 575 300 1 875 788 404 1 192 346 1 050 683 3 750 a What is the probability that the selected loan will be for an adjustable rate mortgage b What is the probability that the selected loan will be for a multifamily property c What is the probability that the selected loan will not be for a single family property d What is the probability that the selected loan will be for a single family property or a condo e What is the probability that the selected loan will be for a multifamily property or for an adjustable rate loan the colected loan will be a fixed rate loan for a condo