Simple Interest
Compound Interest
Mortgages
Basic Statistical Terms
Mixed Review
100
What is $90?
Use I = Prt: Find interest on $500 at 6% for 3 years.
100
What is the annual interest rate (in decimal form)?
In simple interest, what does r represent?
100
What is $1,320?
Find total amount A on $1,200 at 5% simple interest for 2 years.
100
What is 2 years?
Solve for t if I=$48, P=$400, r=6% simple interest.
100
What is false?
True or false: simple interest is calculated on principal plus previously earned interest.
200
What is A = P(1 + r/n)^(nt)?
Write the compound interest formula for future value.
200
What is $1,080?
A=$1000 at 8% compounded annually for 1 year. Future value?
200
What is compound interest?
At the same rate and time, which earns more: simple or compound interest?
200
What is number of compounding periods per year?
What does n represent in A=P(1+r/n)^(nt)?
200
What is the Rule of 72?
Approximate doubling time rule often used with compound growth.
300
What is a home loan paid over time with interest?
A mortgage is best described as what kind of loan?
300
What is the interest rate?
In a fixed-rate mortgage, which stays constant: rate or principal balance?
300
What is an amortization schedule?
What document shows each payment split into principal and interest over time?
300
What is 360 payments?
If monthly payment is $1,200 and term is 30 years, how many total payments?
300
What is the principal (loan amount)?
The amount borrowed before interest on a mortgage is called what?
400
What is the population?
A complete set of all individuals/items of interest is called what?
400
What is a sample?
A subset selected from the population is called what?
400
What is qualitative (categorical) data?
Data measured in categories (like eye color) are what type?
400
What is quantitative data?
Data measured numerically (like height) are what type?
400
What is a statistic?
A number that describes a sample is called a what?
500
What is $72?
Find simple interest: P=$900, r=4%, t=2 years.
500
What is 25%?
If a quantity grows from 120 to 150, percent increase?
500
What is how spread out or different data values are?
In statistics, variation refers to what idea?
500
What are property taxes and homeowners insurance?
A mortgage payment usually includes principal + interest and may also include what two escrow costs?
500
What is interest can be charged on previously accrued interest?
Name one reason compound interest can increase debt cost on unpaid balances.
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