Simple Interest
Compound Interest
Mortgages
Stat Terms
Mixed Review
100
$40
Find simple interest on $500 at 4% for 2 years.
100
Interest is added 12 times per year
Compounded monthly means what?
100
Amortization schedule
Loan payment schedule showing principal and interest?
100
Population
Entire group being studied?
100
Original amount borrowed
What is principal in a loan?
200
$1,150
Future value of $1,000 at 5% simple interest for 3 years.
200
Compound interest
Which earns more at same rate: simple or compound?
200
Principal and interest
Two main parts of a mortgage payment?
200
Discrete data
Data that are counted are what type?
200
Annual Percentage Rate
What does APR stand for?
300
$120
Simple interest on $2,000 at 6% for 1 year.
300
Increases the final amount
More frequent compounding generally does what?
300
Mortgage
A 30-year home loan is a what?
300
Sample
Subset of a population?
300
Total amount paid
Which is larger: amount borrowed or total amount paid on a mortgage?
400
5%
Solve for r if I=$90, P=$600, t=3.
400
Total number of compounding periods
In A=P(1+r/n)^(nt), what does nt count?
400
It decreases
Interest portion of a mortgage payment over time?
400
Qualitative or categorical
Data described by labels are what type?
400
Bias
A problem caused by how data were collected?
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
Amount still owed on a loan?
500
Mean
A measure of center?
500
Monthly compounding
Which grows more: annual or monthly compounding at same nominal rate?
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