Simple Interest
Compound Interest
Mortgages
Stat Terms
Mixed Review
100
$100
Use I = Prt with P=$1000, r=5%, t=2 years. Find interest.
100
$27
Use I = Prt with P=$600, r=9%, t=0.5 years. Find interest.
100
Annual interest rate in decimal form
What does the variable r represent in simple interest?
100
Principal + interest
Loan payoff amount equals what two parts?
100
$4,720
A $4000 loan at 6% simple interest for 3 years: total payoff?
100
Interest is added 12 times per year
What does 'compounded monthly' mean?
100
Compounding periods per year
In A=P(1+r/n)^(nt), what does n represent?
100
Compound interest
At the same rate, which grows faster over time: simple or compound interest?
100
1
If interest is compounded annually, how many times per year is interest added?
100
Interest earns interest
Name one reason compounding increases balances faster.
100
Amount borrowed to buy the home
In a mortgage, what is the principal?
100
Interest rate stays the same over the loan term
A fixed-rate mortgage has what key feature?
100
How payments are split between interest and principal over time
What does amortization describe?
100
30-year
Which is usually longer: a 15-year or 30-year mortgage term?
100
Total interest paid decreases
If you pay extra principal, what usually happens over time?
100
all of
A population is ____ the full group you want to study.
100
a subset of
A sample is ____ the population used to collect data.
100
categorical/non-numeric
Qualitative data are best described as _____ data.
100
numeric
Quantitative data are _____ and can usually be measured.
100
sample
A parameter describes a population; a statistic describes a ____.
100
Systematic sample
A survey asks every 10th student entering the library. Sampling method?
100
mean
The average value of a data set is the ____.
100
median
The middle value in ordered data is the ____.
100
mode
The most frequent value is the ____.
100
spread out/variable
A larger standard deviation means data are more ____.
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