Simple Interest
Compound Interest
Mortgages & Loans
Statistics Vocabulary
Sampling & Data
100
What is I = Prt?
Name the formula for simple interest using principal P, rate r, and time t.
100
What is interest earning interest after it is added to principal?
What feature makes compound interest different from simple interest?
100
What is a long-term home loan secured by real property?
What is a mortgage?
100
What is the population?
The entire group a researcher wants to study is called this.
100
What is a simple random sample?
This sample method gives every possible sample of a given size an equal chance.
200
What is $80?
Find the simple interest on $800 at 5% for 2 years.
200
What is $1,102.50?
$1,000 earns 5% compounded annually for 2 years. Find the future value.
200
What is principal?
In a loan payment, the part that reduces the amount borrowed is called this.
200
What is a sample?
A smaller group selected from a population is called this.
200
What is a convenience sample?
Surveying the first 20 students leaving a cafeteria is this kind of sample.
300
What is $1,545?
A $1,500 simple-interest loan charges 4% for 9 months. What is the payoff amount?
300
What is $2,123.36?
$2,000 earns 6% compounded monthly for one year. Round the future value to the nearest cent.
300
What is $400?
A $900 mortgage payment includes $500 interest. How much reduces principal?
300
What is a statistic?
The average GPA of 40 surveyed students is a sample statistic or a population parameter?
300
What is stratified random sampling?
Sampling randomly from each class year (first-year, sophomore, etc.) is this method.
400
What is 4%?
If simple interest is $120 on $1,000 for 3 years, what annual rate was charged?
400
What is $4.86 more?
Compare $1,000 at 4% for 3 years: compound annually vs. simple interest. How much more does compound earn?
400
What are principal and interest?
An amortization table shows how each payment is split between these two parts.
400
What is quantitative data?
Hours worked per week is categorical or quantitative data?
400
What is bias?
A question that pressures respondents toward one answer is a likely source of this.
500
What is 6%?
A $2,400 investment earns $216 simple interest in 18 months. What is the annual rate?
500
What is about 6.17%?
What is the effective annual yield for 6% nominal interest compounded monthly, rounded to two decimals?
500
What are property taxes and homeowner insurance?
Escrow in a mortgage payment commonly covers these housing costs.
500
What is variation or variability?
This term describes the fact that data values differ from one another.
500
What is all NBCC students?
Identify the population: a researcher surveys 60 NBCC students to infer opinions of all NBCC students.
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