Simple interest
Compound interest
Mortgages
Stats terms
Mixed finance/stats
100
$20
Find simple interest on $200 at 5% for 2 years.
100
A = P(1+r)^t
Name formula for annual compounding.
100
Amount borrowed (loan balance)
In a mortgage, what is principal?
100
Entire group of interest
Define population.
100
Part
Is a sample part or all of a population?
200
$112
Find total A: $100, 4% simple, 3 years.
200
$121
$100 at 10% annually 2 years: amount.
200
$80,000
Down payment $20k on $100k price: loan principal.
200
Subset of population observed
Define sample.
200
5%
Simple interest I=30,P=200,t=3: r?
300
$30
Use I=Prt: P=500,r=6%,t=1 -> I.
300
12
Compounded monthly: n equals what?
300
Interest rate
Fixed rate means what stays constant?
300
Statistic
Statistic vs parameter: sample measure is?
300
Qualitative
Qualitative or quantitative: eye color?
400
2 years
Solve t if I=50,P=250,r=.1.
400
4
$100(1+.08/4)^(4*1): n?
400
Paying loan over time with payments
Amortization describes what?
400
Each member has equal chance
Define random sample.
400
36
Monthly compounding exponent for 3 years?
500
No
Does simple interest earn interest on interest?
500
Monthly
Compounding that usually yields more: annual or monthly?
500
Taxes and insurance
Escrow often pays what two items?
500
Quantitative
Categorical or quantitative: height?
500
Population mean
Identify parameter: sample mean or population mean?
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