Solved: What is the probability of an installment loan, Basic Statistics

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What is the probability of an installment loan

Solve the below:

Q: The probability is .025 that an applicant at my bank will not be able to an installment loan. Last month we made 40 loans.

A. What is the probability that 3 loans will be defaulted?

B. What is the probability that at least 3 loans will be defaulted?

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Basic Statistics: What is the probability of an installment loan

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Basic Statistics: What is the probability of an installment loan

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