When consumers apply for credit, their credit is rated using…
When consumers apply for credit, their credit is rated using FICO scores. A random sample of credit ratings is obtained, and the FICO scores are summarized with these statistics: . Use a 0.05 significance level to test the claim that these credit ratings are from the population with a mean that is equal to 700. If the Bank of Newport requires a credit rating of 700 or higher for a car loan, do the results indicate that the average person will be eligible for a car loan? Do a hypothesis test and interpret your decision for the hypothesis test.