Question

In recent times, with mortgage rates at low levels, financial institutions have had to provide more customer convenience. One of the innovations offered by Coastal National Bank and Trust is online entry of mortgage applications. Listed below are the times, in minutes, for eight customers to complete the application process for a 15-year fixed-rate mortgage and the times for nine customers to complete an application for a 30-year fixed-rate mortgage.

15 years, fixed rate	41	36	42	39	36	48	49	38
30 years, fixed rate	21	27	36	20	19	21	39	24	22

State the decision rule. Use the 0.05 significance level. (Negative amounts should be indicated by a minus sign. Round your answer to 3 decimal places.)

H₀: The distributions are the same.
H₁: The 30-year distribution is smaller or to the left.

Complete the following table. (Round your answer to 1 decimal places.)

What is the Wilcoxon rank-sum test value, at the 0.05 significance level? (Round your answer to 2 decimal places.)

At the 0.05 significance level, is it reasonable to conclude that it takes less time for those customers applying for the 30-year fixed-rate mortgage?

Answer 1

15 years, fixed rate	Rank	30 years, fixed rate	Rank
41	14	21	3.5
36	9	27	7
42	15	36	9
39	12.5	20	2
36	9	19	1
48	16	21	3.5
49	17	39	12.5
38	11	24	6
		22	5
Sum	103.5		49.5

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