Relationship between work hours and loan amount

Assignment Help Applied Statistics

Reference no: EM13720958

This is the ANOVA test to answer this question. Be sure to state the null and alternate hypotheses, and briefly answer the question.For students who work, are there differences in the average loan amounts across classes?

Analysis of Variance results:
Where: "Bin(Work)"="0.1 or above"
Responses: Loans
Factors: Class
Response statistics by factor

Class	n	Mean	Std. Dev.	Std. Error
1	24	3434.375	1663.0016	339.45878
2	21	7656.2381	1950.798	425.69902
3	18	10910.833	4077.4482	961.06375
4	21	13134.524	6579.8379	1435.8383

ANOVA table

Source	DF	SS	MS	F-Stat	P-value
Class	3	1.1864529e9	3.954843e8	24.559653	<0.0001
Error	80	1.2882407e9	16103009
Total	83	2.4746936e9

Tukey 95% Simultaneous Confidence Intervals:

1 subtracted from

	Difference	Lower	Upper	P-value
2	4221.8631	1075.6672	7368.0589	0.0039
3	7476.4583	4193.408	10759.509	<0.0001
4	9700.1488	6553.953	12846.345	<0.0001

2 subtracted from

	Difference	Lower	Upper	P-value
3	3254.5952	-127.46368	6636.6542	0.0636
4	5478.2857	2228.9086	8727.6628	0.0002

3 subtracted from

	Difference	Lower	Upper	P-value
4	2223.6905	-1158.3684	5605.7494	0.3176

For students that work, is there a relationship between the dollar amount of loans they have and the number of hours per week that they work?

- Compute the coefficient of correlation, the coefficient of determination, and the linear regression equation.

Simple linear regression results:
Dependent Variable: Work
Independent Variable: Loans
Work = 3.5923118 + 0.0010926257 Loans
Sample size: 200
R (correlation coefficient) = 0.51889059
R-sq = 0.26924745
Estimate of error standard deviation: 10.602837
Parameter estimates:

Parameter	Estimate	Std. Err.	Alternative	DF	T-Stat	P-value
Intercept	3.5923118	0.99406366	≠ 0	198	3.6137644	0.0004
Slope	0.0010926257	0.00012792287	≠ 0	198	8.5412852	<0.0001

Analysis of variance table for regression model:

Source	DF	SS	MS	F-stat	P-value
Model	1	8201.4492	8201.4492	72.953552	<0.0001
Error	198	22259.19	112.42015
Total	199	30460.639

1156_Compute the coefficient of correlation.png

Does there appear to be a relationship between work hours and loan amount? Explain your answer.
Explain the meaning of the coefficient of determination as it applies specifically to this problem.
Explain the meaning of the slope in the regression equation as it applies specifically to this problem. Is this the relationship you expected? Explain. If it isn't what you expected, explain why it might have occurred.
Does a linear model appear to be appropriate for this comparison? Explain.

This is the chi-square test of independence. State the null and alternate hypotheses, and explain the results of the test.Is there evidence of a relationship between class and whether or not students work?

Contingency table results:
Rows: Bin(Work)
Columns: Class

	1	2	3	4	Total
Below 0.1	44	24	28	20	116
0.1 or above	24	21	18	21	84
Total	68	45	46	41	200

Chi-Square test:

Statistic	DF	Value	P-value
Chi-square	3	3.2436948	0.3556

Reference no: EM13720958

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