Simple Interest
Compound Interest
Mortgages
Statistical Terms
Sampling and Data
100
Interest
In I = Prt, what does I represent?
100
Previously earned interest
Compound interest earns interest on the original principal and on what else?
100
A home or other real estate
A mortgage is a loan commonly used to buy what?
100
Population
What is the entire group a researcher wants to understand?
100
Simple random sample
A method that gives every individual an equal chance of selection is called what?
200
$60
Use I = Prt. If P = $500, r = 0.06, and t = 2 years, find I.
200
A = P(1 + r/n)^(nt)
State the standard compound amount formula.
200
360 payments
How many monthly payments are in a 30-year mortgage?
200
Sample
What is the subset of the population actually studied?
200
Systematic sampling
Choosing every 10th student from a list is what sampling method?
300
$1,380
A $1,200 simple-interest investment earns 5% for 3 years. Find the final amount.
300
$1,210
$1,000 earns 10% compounded annually for 2 years. Find the amount.
300
Principal
In a mortgage, what term means the amount originally borrowed?
300
Statistic
A numerical summary calculated from a sample is called what?
300
Convenience sampling
Surveying people who are easiest to reach is what sampling method?
400
5% or 0.05
If I = $90, P = $600, and t = 3 years, what annual interest rate r was used?
400
$2,122.73
$2,000 earns 6% compounded quarterly for 1 year. Find the amount, rounded to cents.
400
How payments split between principal and interest and how balance changes
What does an amortization schedule show?
400
Parameter
A numerical characteristic of an entire population is called what?
400
Sampling variation
Why can two random samples from the same population give different results?
500
$72
Find the simple interest on $1,200 at 8% for 9 months.
500
Annual compound interest by $16.65
At 4% for 5 years on $1,000, which produces more: annual compound interest or simple interest, and by how much?
500
$150
A monthly principal-and-interest payment is $1,200. If $1,050 of the first payment is interest, how much reduces principal?
500
Quantitative discrete data
Number of siblings is what kind of data: qualitative, quantitative discrete, or quantitative continuous?
500
Stratified random sampling
A researcher separates students by course modality and randomly samples within each modality. What method is this?
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