Simple Interest
Compound Int.
Mortgages
Stats Terms
Mixed Review
100
I = Prt
What formula is used to find simple interest?
100
The principal and previously earned interest
In compound interest, interest is earned on what?
100
A home or real estate
A mortgage is a loan used to buy what?
100
Population
What is the name for the entire group being studied?
100
A sample
A survey of 50 students from a college of 2,000 students uses a what?
200
$60
Find the simple interest on $500 at 6% for 2 years.
200
Compound interest
For the same principal, rate, and time, which grows faster: simple or compound interest?
200
Principal and interest
A monthly mortgage payment is split between what two main amounts?
200
Sample
What is the name for part of a population used to collect data?
200
$120
A credit card balance is $800 at 15% simple interest for 1 year. How much interest is charged?
300
$1,120
Find the total amount after 3 years on $1,000 at 4% simple interest.
300
$1,102.50
Find the balance of $1,000 at 5% compounded annually for 2 years.
300
Principal and interest
An amortization schedule shows how each payment is divided between what two parts?
300
A statistic
What is a numerical summary based on a sample called?
300
$1,560
Find the 1-year balance on $1,500 at 4% compounded annually.
400
6%
What annual rate gives $180 of simple interest on $1,500 in 2 years?
400
$2,185.45
Find the balance of $2,000 at 3% compounded annually for 3 years (nearest cent).
400
It increases
If the interest rate increases while loan amount and term stay the same, what happens to the monthly payment?
400
A variable
What do we call the characteristic being measured?
400
More interest
Early in a mortgage, do payments usually include more interest or more principal?
500
3 years
How long will it take to earn $96 of simple interest on $800 at 4%?
500
Exponential growth
Money that doubles because of compounding shows what kind of growth?
500
$200,000
A borrower makes a 20% down payment on a $250,000 house. What is the loan amount?
500
Discrete quantitative data
Data that take countable whole-number values are called what type of data?
500
A population
Does a parameter describe a sample or a population?
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