Simple Interest
Compound
Mortgages
Stats Terms
Mixed Finance/Stats
100
I = Prt
State the simple interest formula.
100
A = P(1+r/n)^(nt)
State compound amount formula.
100
Monthly interest rate
In M=P*r/(1-(1+r)^-n), r is what?
100
A statistic
A number describing a sample is called what?
100
Increases it
Compounding more often generally does what to interest?
200
$10
Find I on $100 at 5% for 2 years.
200
$121
Find A for $100 at 10% annual for 2 years.
200
360
30-year monthly mortgage has how many payments?
200
A parameter
A number describing a population is called what?
200
Voluntary response bias
Survey only volunteers is what bias?
300
5%
With I=$30, P=$200, t=3, find r.
300
12
At 6% compounded monthly, n equals what?
300
0.5% or 0.005
Annual rate 6%; monthly rate?
300
Systematic sample
Name sampling method choosing every 10th person.
300
Median
Middle value in ordered data is called?
400
$560
Find future value for $500 at 4% simple for 3 years.
400
10.25%
Effective annual rate of 10% compounded semiannually?
400
$160,000
Payment $1000 for 360 months on $200k: total interest?
400
Range
Difference max minus min is what?
400
$6
Simple interest on $400 at 3% for 6 months?
500
5 years
How many years for $60 interest on $300 at 4%?
500
$20.50
For $200 at 5% annual 2 years, interest earned?
500
$600
First-month interest on $120,000 at 6% APR?
500
Mean
Average found by sum รท count is what?
500
Simple random sample
Randomly choose names from all students: method?
M
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