Question: A recent survey of banks revealed the following distribution for the interest rate being charged on a home loan (based on a 30-year mortgage with a 10% down payment).
Interest Rate 7.0% 7.5% 8.0% 8.5% > 8.5%
Probability 0.12 0.23 0.24 0.35 0.06
If a bank is selected at random from this distribution, what is the chance that the interest rate charged on a home loan will exceed 8.0%?