Simple random samples of high-interest mortgages and low-interest mortgages were obtained. For the 22 high-interest mortgages, the borrowers had a mean FICO score of 631 and a standard deviation of 22. For the 36 low-interest mortgages, he borrowers had a mean FICO credit score of 648 and a standard deviaiton of 36. Test the claim that the mean FICO score of borrowers with high-interest mortgages is lower than the mean FICO score of borrowers with low-interest mortgages at the .025 significance level.
Claim:
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which corresponds to
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Opposite:
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which corresponds to
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The test is:
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The test statistic is:
t
=
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The critical value is:
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Based on this we: reject/fail to reject null hypothesis
Conclusion There
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appear to be enough evidence to support the claim that the mean FICO score of borrowers with high-interest mortgages is lower than the mean FICO score of borrowers with low-interest mortgages.