Simple Interest
Compound Interest
Mortgages
Stats Terms
Mixed Review
100
What is I = Prt?
Name the formula for simple interest.
100
What is previously earned interest?
Compound interest earns interest on the principal and on this too.
100
What is the principal?
This is the amount originally borrowed for a mortgage.
100
What is a sample?
A subset of a population selected for study is called this.
100
What is compound interest?
Which grows faster over time at the same nominal rate: simple or compound interest?
200
What is $40?
Find the simple interest on $500 at 4% for 2 years.
200
What is 12?
If interest is compounded monthly, how many compounding periods are there in 1 year?
200
What is an amortization schedule?
A schedule showing each payment's principal and interest is called this.
200
What is qualitative (categorical) data?
Data described by labels such as eye color or major are this type of data.
200
What is the rate?
A bank advertises 6% APR for a car loan. In an interest formula, the 6% is this quantity.
300
What is time in years?
In I = Prt, what does t represent?
300
What is A = P(1 + r/n)^(nt)?
Name the formula for compound amount A.
300
What is a fixed-rate mortgage?
A mortgage with the same interest rate for the whole term is called this type.
300
What is the mean?
The average of a data set is also called the ____.
300
What is the range?
What do we call the difference between the largest and smallest data values?
400
What is $30?
Find the simple interest on $1,200 at 5% for 6 months.
400
What is increase?
Compounding more often generally makes the final amount do what?
400
What is principal?
The part of a monthly mortgage payment that pays down the loan balance is this.
400
What is a histogram?
A graph used to display quantitative data in intervals is a ____.
400
What is a census?
Data collected from every member of a group is called a ____.
500
What is $216?
If a loan has P=$900, r=0.08, t=3, find I.
500
What is n?
What symbol in the compound interest formula represents the number of compounding periods per year?
500
What is the term?
The total number of years for repayment is the loan ____.
500
What is a variable?
A characteristic measured in a study, such as height or GPA, is called a ____.
500
What is to save time and cost and make data collection manageable?
Why do statisticians often use a sample instead of a population?
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