Simple Interest
Compound Interest
Mortgages
Stat Terms
Mixed Review
100
This is the formula for simple interest.
What is I = Prt?
100
Find the simple interest on $1,000 at 5% for 2 years.
What is $100?
100
Find the future value of $2,500 at 4% simple interest for 3 years.
What is $2,800?
100
If I = 180, P = 1500, and t = 2 years, find the rate.
What is 6%?
100
If I = 225, P = 900, and r = 5%, find the time.
What is 5 years?
100
This is the standard formula for compound interest.
What is A = P(1 + r/n)^(nt)?
100
In the compound interest formula, n stands for this.
What is the number of compounding periods per year?
100
Find the balance on $1,000 at 6% compounded annually for 2 years.
What is $1,123.60?
100
Over the same time period, this usually earns more: simple interest or compound interest.
What is compound interest?
100
Find the balance on $2,000 at 4% compounded monthly for 1 year.
What is about $2,081.48?
100
A mortgage is a loan used to buy this.
What is a home or real estate?
100
This term means the amount borrowed.
What is principal?
100
In the early years of most mortgages, more of each payment goes to this.
What is interest?
100
A 30-year mortgage has this many monthly payments.
What is 360?
100
If your down payment increases, your loan principal usually does this.
What is decreases?
100
The whole group you want information about is called this.
What is the population?
100
A subset of the population that is actually studied is this.
What is a sample?
100
A number that describes a sample is called this.
What is a statistic?
100
A number that describes a population is called this.
What is a parameter?
100
Data found by counting whole-number outcomes are usually this type.
What are discrete quantitative data?
100
Choosing people because they are easy to reach is this kind of sample.
What is a convenience sample?
100
Increasing the compounding frequency while keeping APR the same usually makes the balance do this.
What is increase?
100
This schedule shows how each mortgage payment is split between principal and interest.
What is an amortization schedule?
100
Data such as eye color or favorite season are this type of data.
What are qualitative or categorical data?
100
True or false: compound interest can grow savings faster than simple interest over time.
What is true?
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