Simple Interest
Compound Interest
Mortgages
Stat Terms
Mixed Review
100
$40
Use I = Prt. Find the interest on $500 at 4% for 2 years.
100
Interest is added 12 times per year
What does it mean if interest is compounded monthly?
100
Amortization schedule
What is the name of a loan payment schedule showing principal and interest?
100
Population
What do we call the entire group being studied?
100
The original amount borrowed
What is the principal in a loan?
200
$1,150
Find the future value of $1,000 at 5% simple interest for 3 years.
200
Compound interest
Which earns more, simple or compound interest, at the same rate and time?
200
Principal and interest
In a mortgage payment, what are the two main parts?
200
Discrete data
Data that are counted are called what type?
200
Annual Percentage Rate
What is APR?
300
$120
A loan of $2,000 at 6% simple interest for 1 year has what interest?
300
Increases
If interest is compounded more often, the final amount generally does what?
300
Mortgage
A 30-year home loan is an example of what type of loan?
300
Sample
A subset of a population is called what?
300
Total amount paid
Which is usually larger: total amount paid or amount borrowed on a mortgage?
400
5%
Solve for r: I = $90, P = $600, t = 3 years.
400
Total number of compounding periods
What is the exponent in A = P(1 + r/n)^(nt) used to count?
400
It decreases
What happens to the interest portion of a mortgage payment over time?
400
Qualitative (categorical)
Data described by labels such as red, blue, or yes/no are what type?
400
Bias
If a study favors one outcome because of how data were collected, it has what problem?
500
$120
If P = $800, r = 0.03, t = 5, find simple interest.
500
4
Compounded quarterly means how many times per year?
500
Balance or remaining principal
What is the remaining amount still owed on a loan called?
500
Mean
Which is a measure of center: mean, range, or spread?
500
Monthly compounding
Would $1,000 at 5% for 2 years grow more with annual compounding or monthly compounding?
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