Simple Interest
Compound Interest
Mortgages
Stats Terms
Mixed Finance & Stats
100
$10
Find simple interest on $100 at 5% for 2 years
100
$110
$100 at 10% yearly for 1 year: balance
100
Amount borrowed
Mortgage principal means what?
100
Sample
A subset chosen from a population
100
4
Mean of 2,4,6
200
$24
$200 at 3% for 4 years: interest
200
$121
Compounded annually: $100 at 10% for 2 years
200
Principal
This mortgage payment part reduces principal
200
Population
Term for all individuals studied
200
Eye color
Identify categorical: eye color or height
300
5%
Use I=Prt: find rate if I=$20,P=$200,t=2
300
4
Compounded quarterly has n equal to this
300
Interest
Payment for borrowing, expressed as rate
300
Median
Middle value when ordered
300
2
Mode of 1,2,2,3
400
$56
Simple-interest balance when P=50,I=6
400
A = P(1+r/n)^(nt)
Formula for compound balance
400
Interest rate
Fixed-rate mortgage means this stays constant
400
Quantitative
A numerical variable is called this
400
7
Range of 3,8,10
500
3 years
Time if I=30,P=100,r=0.1
500
100%
Double from $500 to $1,000 is what percent growth
500
Decreases it
A larger down payment does this to principal
500
Mean
Average found by sum divided by count
500
Compound interest
Simple interest vs compound: which earns interest on interest?
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