Simple Interest
Compound Interest
Mortgages & Loans
Statistics Vocabulary
Mixed Review
100
I = Prt
State the simple interest formula.
100
$40
Find the simple interest on $500 at 4% for 2 years.
100
$1,380
Find the total amount for $1,200 at 5% simple interest for 3 years.
100
5%
If I = $90, P = $600, and t = 3 years, what is r?
100
$36
Find the simple interest on $800 at 6% for 9 months.
100
the number of compounding periods per year
In A = P(1 + r/n)^(nt), what does n represent?
100
$1,100
What is the amount on $1,000 at 10% compounded annually for 1 year?
100
monthly compounding
Which earns more in one year on the same principal and rate: annual or monthly compounding?
100
$583.20
Find the amount on $500 at 8% compounded annually for 2 years.
100
because interest is earned on previous interest
Why can compound interest grow quickly over time?
100
a home or house
A mortgage is usually used to buy this.
100
principal and interest
An amortization payment is split between these two parts.
100
smaller or lower
If you make a larger down payment, your loan principal becomes this.
100
the interest rate
In a fixed-rate mortgage, this part stays the same.
100
true
True or false: Early mortgage payments usually go more toward interest than principal.
100
population
The full group you want information about is called the ____.
100
sample
A smaller group selected from the population is called a ____.
100
statistic
A numerical summary of a sample is called a ____.
100
bias
A question that pushes people toward a certain answer creates this problem.
100
categorical data
Yes/no or freshman/sophomore data are what type of data?
100
the initial amount borrowed or invested
In an interest problem, what is the principal?
100
it is added to the principal
At the end of each compound-interest period, what happens to the interest?
100
equity
The part of a home’s value that you own outright is called ____.
100
quantitative data
Height measured in inches is what type of data?
100
biased or a convenience sample
If a survey only asks your friends, the sample is likely this.
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