Single-Family	Condo	Multifamily	Total
Adjustable	1,425	788	337	2,550
Fixed-Rate	450	350	400	1,200
Total	1,875	1,138	737	3,750
What is the probability that the selected loan will be for a single-family property or a condo?


To solve this, we first need to calculate the total number of loans for single-family properties and condos combined. Then, we can determine the probability of selecting a loan for one of these two property types.

### Step 1: Total number of loans for Single-Family and Condo properties
- **Single-Family loans**: 1,875
- **Condo loans**: 1,138

Total loans for single-family and condos combined = 1,875 + 1,138 = **3,013**

### Step 2: Total number of all loans
From the table, the total number of loans is given as 3,750.

### Step 3: Probability Calculation
The probability of selecting a loan for a single-family property or a condo is the ratio of loans for these two types to the total number of loans.

\[
P(\text{Single-Family or Condo}) = \frac{\text{Single-Family loans + Condo loans}}{\text{Total loans}} = \frac{3,013}{3,750}
\]

Now, let's calculate the probability:

\[
P(\text{Single-Family or Condo}) = \frac{3,013}{3,750} \approx 0.8035
\]

### Final Answer:
The probability that a randomly selected loan will be for a single-family property or a condo is approximately **0.8035**, or **80.35%**.

---

Would you like more details on this solution or have any questions?

### Related questions:
1. What is the probability of selecting an adjustable-rate loan for a single-family property?
2. How many fixed-rate loans are for multifamily properties?
3. What is the probability of selecting a loan for a multifamily property?
4. What is the probability of selecting an adjustable-rate loan overall?
5. How would the probabilities change if the total number of loans increased?

### Tip:
When calculating probabilities, always ensure the sum of outcomes you're interested in is divided by the total number of possible outcomes.

What is the probability that the selected loan will be for a single-family property or a condo?

Calculate the probability of selecting a loan for a single-family property or a condo based on the given loan data. The problem involves key probability concepts, including the addition rule of probability, with a final result of approximately 80.35%. Suitable for students in Grades 9-12.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation