Based on recent demand for single family homes in a growing city, it is recommended potential home buyers put 20 percent down when making an offer. A mortgage loan officer would like to test the claim that the average percent down on a single family home purchase is greater than the recommended 20 percent. To test this claim, at the 5% significance level, the mortgage loan officer collects the following data on a sample of 22 recent home purchases and records the percent down. The following is the data from this study: Sample size =22 recent home purchases Sample mean =24 percent down Sample standard deviation =9 percent down Identify the null and alternative hypothesis for this study by filling in the blanks with the correct symbol (=,≠,<, or > to represent the correct hypothesis.)

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This enabled the borrower to obtain 90 percent financing while avoiding the additional cost of pmi. these loans are more commonly referred to as  piggyback mortgage loans.

A loan is the lending of cash via one or more individuals, organizations, or different entities to other individuals, corporations, etc. The recipient incurs a debt and is normally susceptible to pay hobby on that debt till it is repaid as well as to repay the foremost amount borrowed.

A mortgage is a shape of debt incurred by using an character or different entity. The lender—commonly a business enterprise, economic organization, or authorities—advances a amount of money to the borrower. In return, the borrower agrees to a sure set of phrases together with any finance charges, hobby, repayment date, and different situations.

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