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In conjunction with the housing foreclosure crisis, many economists expressed increasing concern about the level of credit card debt and efforts of banks to raise interest rates on these cards. The banks claimed the increases were justified. A government sub-committee decided to determine if the average credit card balance depends on the type of credit card used. Under consideration are three credit cards. The sample sizes to be used for each level are 22, 27, and 29. respectively. 

Complete parts a through f below.

a. Describe the parameter of interest for this analysis. Choose the correct answer below.

1. The three types of credit cards under examination.
ii. The standard deviation of credit card balances of cardholders of the three credit cards
iii. The type of credit card held by credit card customers
iv. The average credit card balance of cardholders of the three credit cards

b. Determine the factor associated with this experiment. Choose the correct answer below.

i. The three types of credit cards under examination
ii. The type of credit credit card held by credit card customers 
iii. The average credit card balance of card holders of the three credit cards 
iv. The standard deviation of credit card balances of card holders of the three credit cards

c. Describe the levels of the factor associated with this analysis. Choose the correct answer below.

i. The average credit card balance of cardholders of the three credit cards.
ii. The type of credit card held by credit card customers
iii. The three types of credit cards under examination.
iv. The standard deviation of credit card balances of card holders of the three credit cards