In this task, you are required to answer the questions by referring to the data table given below.

The table shows 15 cases, college students, from a hypothetical study of student loan balances at higher education institutions. The first column shows an identification number for each case, and the rest of the columns indicate four variables: age of student, class, type of institution, and loan balance

 

1. Use this data set to find the following statistical values:
2. Mean
3. Median
4. Mode
5. Standard Deviation
6. Sample variance

Critically evaluate the relevance of regression models and hypothesis testing for a sample population or data set like the table given in this question. Point out the pitfalls and advantages of regression models and hypothesis testing for data sets

Case Age Class 1 2 3 4 5 6 7 8 9 10 11 12 234 13 14 15 23 Sophomore 19 Freshman 21 Junior 30 Graduate 21 Freshman 22 Sophomore 21 Sophomore 20 Freshman 22 Junior 21 Sophomore 19 Freshman 20 Sophomore 20 Sophomore 23 Senior 24 Senior Type of institution Private Public Public Private Private Public Public Public Private Public Private Public Public Private Private Loan balance $3,254 1,501 2,361 8,100 1,970 3,866 2,890 6,300 2,639 1,718 2,690 3,812 2,210 3,780 5,082