Question

A loan officer compares the interest rates for 48-month fixed-rate auto loans and 48-month variable-rate auto loans. Two independent, random samples of auto loan rates are selected. A sample of eight 48-month fixed-rate auto loans and a sample of five variable-rate auto loans had the following loan rates:

Fixed(%)	Variable(%)
4.29	3.59
3.75	2.75
3.5	2.99
3.99	2.5
3.75	3
3.99
5.4
4

Answer the following questions:( I just need the numbers for the fill in the blanks, no need for the whole Hypothesis theory, just answers)

Let's define μFμF as the population mean loan rate for fixed-rate auto loans and

μVμV as the population mean loan rate for variable-rate auto loans.

a. (Assume unequal variances and a significance level of 0.05.Answers should be in 4 decimals.)

where the critical value is_________

b. What is the t test statistic and p-value? (4 decimals)

t= ________

p-value=_______

What is the value in the numerator of the test statistic?

________

c. Calculate a 95 percent confidence interval for the difference between the mean rates for fixed-rate and variable-rate 48-month auto loans.

_______ ≤  μFμF-μVμV  ≤ ______ (4 decimals).

Answer 1