Simple Interest
Compound Interest
Mortgages
Stat Terms
Mixed Apps
100
principal
In I = Prt, what does P represent?
100
$60
Find the simple interest on $500 at 6% for 2 years.
100
$1,380
Find the total amount on $1200 at 5% simple interest for 3 years.
100
5%
Using I = Prt, find the rate if I = 90, P = 600, and t = 3 years.
100
$324
Borrow $2400 at 9% simple interest for 18 months. Find the interest.
100
A = P(1 + r/n)^(nt)
Write the compound interest formula.
100
$1,100
$1000 is invested at 10% compounded annually for 1 year. What is the amount?
100
Compound interest earns interest on interest
What is the key difference between simple and compound interest?
100
About $1,126.83
About how much is $1000 at 12% compounded monthly for 1 year?
100
monthly compounding
At the same nominal annual rate, which earns more after 1 year: monthly compounding or annual compounding?
100
a home / real estate
A mortgage is a loan used to buy what?
100
principal and interest
In an amortized mortgage payment, money goes to what two things?
100
360
How many monthly payments are in a 30-year mortgage?
100
$192,000
A home costs $240,000 with 20% down. What is the loan amount?
100
how each payment is split between interest and principal and the remaining balance
What does an amortization schedule show?
100
population
What is the name of the whole group of interest in a study?
100
sample
What is the name of a subset of the population that is actually studied?
100
statistic
What is the name for a numerical summary computed from a sample?
100
quantitative discrete
The number of siblings is what type of data?
100
qualitative / categorical
Eye color is what type of data?
100
3%
A savings bond earns $48 of simple interest on $400 in 4 years. What is the rate?
100
True
True or false: More frequent compounding gives more growth when rate and time stay the same.
100
$135,000
A $150,000 mortgage requires 10% down. What is the principal borrowed?
100
a random sample
Best method to estimate average commute time at a college: a convenience sample or a random sample?
100
It may not be representative because it overrepresents easy-to-reach people.
Why might a convenience sample be biased?
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