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{"ops":[{"insert":"A bank manager wants to know the mean amount of mortgage paid per month by\nhomeowners in an area. A random sample of 120 homeowners selected from this area\nshowed that they pay an average of R6500 per month for their mortgages. The\npopulation standard deviation of such mortgages is R1500.\ni. Identify the point estimate for the average monthly mortgage amount. [1]\nii. Explain the significance of a confidence interval in this regard \u2013 in other words, why\nis it not correct (not recommended) to say that the average amount of mortgage paid by all homeowners is R6500? \nWhat is the appropriate distribution to use? Explain. [2]\nFind a 99% confidence interval for the mean amount of mortgage paid per month by all homeowners in this area. Interpret the results. [5]\nWhat effect would a change from a 99% to a 90% confidence level have on the interval width for the average mortgage amount? Explain. [3]\n\n\n"}]}
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