The Bank of New England is a large financial institution serving the New England

Question

The Bank of New England is a large financial institution serving the New England states as well as New York and New Jersey. The mortgage department of the bank wants to study factors that affect family income testing the following hypotheses. Discuss what data/variables need to be collected to test the following hypotheses. There is no need to analyze the relationships or discuss why the relationships exist. Limit your answers to data and variables.

a. Higher education is correlated with higher family income

b. The higher the value of the home being purchased, the higher the family income

c. The age of the head of the household can be related to family income

Explanation / Answer

a.) Number of family memebers; Level of eductation of the earning members; Family annual income

b.) Number of family memebers; Value of the house purchased at the time of purchase; Family annual income

c.) Age of the head of the family; Annual family income

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