Suppose that the loan amount on mortgages for a particular zip code is normally distributed with a mean of 154,449, measured in dollars, with a standard deviation of 14,794. What is the z value for a loan of 162,443 dollars? Answer to three decimal places if needed.

The z value for a loan of 162,443 dollars is 0.5404.

Step-by-step explanation:

We are given that the loan amount on mortgages for a particular zip code is normally distributed with a mean of 154,449, measured in dollars, with a standard deviation of 14,794.

Let X = loan amount on mortgages for a particular zip code

So, X ~ N()

Now, the z score probability distribution is given by;

          Z = ~ N(0,1)

where, = mean loan amount = $154,449

            = standard deviation = $14,794

So, the z-score for a loan of 162,443 dollars is given by;

               Z =

                  = = 0.5404

Therefore, the z value for a loan of 162,443 dollars is 0.5404.

n

step-by-step explanation: