Simple Interest
Compound Interest
Mortgages
Stat Terms
Mixed Review
100
What is I = P r t?
This formula gives simple interest.
100
What is A = P(1 + r/n)^(nt)?
This formula gives compound amount.
100
What is an amortization schedule?
A table showing each loan payment split into principal and interest is called this.
100
What is the population?
The entire group you want information about is called this.
100
What is $60?
Find the simple interest on $1,000 at 6% for 1 year.
200
What is $40?
Find the simple interest on $500 at 4% for 2 years.
200
What is $1,102.50?
$1,000 at 5% compounded annually for 2 years grows to this amount.
200
What is a down payment?
The amount paid up front that reduces the amount borrowed is this.
200
What is a sample?
A subset of the population is called this.
200
What is a 15-year mortgage?
Which usually has less total interest: a 15-year or 30-year mortgage?
300
What is $920?
Find the future value of $800 at 5% simple interest for 3 years.
300
What is monthly compounding?
With the same APR, which earns more: annual compounding or monthly compounding?
300
What is a mortgage?
A loan used to buy a home is called this.
300
What is a statistic?
A numerical summary computed from a sample is this.
300
What is systematic sampling?
If you randomly choose every 10th student from a list, this is the sampling method.
400
What is 5%?
$90 of simple interest is earned on $600 in 3 years. What is the annual rate?
400
What is previously earned interest?
In compound interest, you earn interest on the principal and on this.
400
What is a higher monthly payment?
Compared with a 30-year mortgage, a 15-year mortgage usually has this kind of monthly payment.
400
What is quantitative discrete data?
A variable found by counting, like number of siblings, is this type of data.
400
What is $121?
$100 at 10% compounded annually for 2 years grows to this amount.
500
What is $1,000?
If the future value is $1,260 and the simple interest earned is $260, what was the principal?
500
What is $2,060.68?
$2,000 at 3% compounded quarterly for 1 year grows to about this amount.
500
What is interest?
In the early years of a fixed-rate mortgage, most of each payment goes to this.
500
What is qualitative (categorical) data?
A variable described by labels such as major or eye color is this type of data.
500
What is a convenience sample?
A sample chosen because it is easy to reach is called this.
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