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
At the .05 significance level, is it reasonable to conclude that it takes less time for those customers applying for the 30-year fixed-rate mortgage? Do not assume the distribution times follow a normal distribution for either group.
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