The RBA raised official interest rates for the first time in 11 years to curb surging inflation. All of Australia's biggest banks have lifted their mortgage rates, matching the Reserve Bank's 25-basis point increase. To examine the impact on the home loan customers paying interest and principal, the same group of customers were contacted and asked about their current monthly repayment and the summary statistics for their answers are recorded in the table below.

	Descriptive Statistics for Home Loan Repayments in mid-2022
	Mean	Standard Error	Standard Deviation	Count
Current monthly repayment	1642.94	7.81	46.23	35
Differences in monthly repayment	354.10	24.33	143.94	35

Answer the following questions, if needed, by using Excel to analyse the data.

Research Question: An economist is interested in assessing whether the average monthly repayment has changed since 2020.

(2 marks) What is the absolute value of the test statistic ? Answer (3dp)

(2 marks) Is the p-value for this test statistic greater or less than 0.05? Answer

Calculate a 95% confidence interval to estimate the average change in monthly repayment paid by all home loan customers between mid-2020 and mid-2022.

The Absolute Value of the Critical Value for a 95% confidence interval is Answer (3dp)

Lower Bound = $ Answer (2dp)

Upper Bound = $ Answer (2dp)