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# A recent article in The Wall Street Journal reported that the 30-year mortgage rate is now less than 6

percent. A sample of eight small banks in the Midwest revealed the following 30-year rates (in
percent):

## 4.8 5.3 6.5 4.8 6.1 5.8 6.2 5.6

At the .01 significance level, can we conclude that the 30-year mortgage rate for small banks is less
than 6 percent? Estimate the p-value.

---

Ho: p>= 6

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p-hat = 5.64

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Conclusion:

## The test results support the claim at the 1% level.

A recent article in the Wall Street Journal reported that the 30-year mortgage rate is now less than
6 percent. A sample of eight small banks in the Midwest revealed the following 30- year rates (in
percent):

-year mortgage rate for small banks is less than 6 percent? Estimate the p-value.

## This corresponds to a left-tailed t-test. The t-statistics is computed as

From the given data we have

Therefore,

## The p-value is computed as

Since the p-value is greater than the significance level 0.01, we fail to reject the null hypothesis.

In words, we conclude that there is not enough evidence to say that the 30-year mortgage for small
banks is less than 6%, at α = 0.01.r