Answer
$t_0=-4.38$ with a P-value $\ltα$. Reject the null hypothesis.
There is enough evidence to conclude that the mean credit card debt is lower than 4951 dollars.
Work Step by Step
$H_0: μ=4951$ versus $H_1: μ\lt4951$
Enter the data from StatCrunch survey in C1.
Select Stat -> Basic Statistics -> 1-Sample t
Select "One or more samples, each in a column". In the box above enter C1
Select "Perform hypothesis test". In "Hypothesized mean" enter 4951.
Click Options and enter the level of confidence 95% and in "Alternative hypothesis" select Mean < hypothesized mean. Click OK.
Click OK.
$t_0=-4.38$ with a P-value $\lt0.001\ltα=0.05$. Rejecte the null hypothesis.
