What percentage of the loan must they charge

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Reference no: EM131933737

The closing costs on a home mortgage loan is normally distributed with an average of 6.7% with a standard deviation of 1.7%. If a lender wants to claim that it is in the top 3% of lenders with the LOWEST closing costs, what percentage of the loan must they charge? (please express your answer as a percent and round your answer to 2 decimal places)

Reference no: EM131933737

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