A loan officer wants to compare the interest rates for 48-month fixed-rate auto loans and 48-month variable-rate auto loans. Two independent, random samples of auto loans are selected. A sample of eight 48-month fixed-rate auto loans have the following loan rates: 4.29%, 3.75%, 3.50%, 3.99%, 3.75%, 3.99%, 5.40%, 4.00%, while a sample of five 48-month variable-rate auto loans have the loan rates as follows: 3.59%, 2.75%, 2.99%, 2.50%, 3.00%. The test statistic and the corresponding p-values are listed below:
Test Statistic: 3.7431
p Value: 0.0032