Simple Interest
Compound Interest
Mortgages
Stats Terms
Mixed Review
100
$60
Use I = Prt. Find the interest on $500 at 6% for 2 years.
100
$1,380
Find the total amount on $1,200 at 5% simple interest for 3 years.
100
4%
Find the annual rate if $80 interest is earned on $1,000 in 2 years.
100
5 years
Find the time if $150 interest is earned on $600 at 5% simple interest.
100
$600
Find the principal if the simple-interest amount is $690 after 2 years at 7.5%.
100
the interest already earned
Unlike simple interest, compound interest is calculated on principal plus what?
100
$1,100
$1,000 at 10% compounded annually for 1 year grows to what amount?
100
$2,205
$2,000 at 5% compounded annually for 2 years grows to what amount?
100
monthly compounding
Which earns more after 1 year on the same APR: annual compounding or monthly compounding?
100
the number of compounding periods per year
In A = P(1 + r/n)^(nt), what does n represent?
100
a home / real estate
A mortgage is a loan used mainly to buy what?
100
interest
A fixed monthly mortgage payment pays toward principal and what else?
100
regular periodic payments
Loan amortization means the balance is paid down over time through what?
100
smaller
If a borrower makes a larger down payment, the loan amount is usually larger or smaller?
100
360
A 30-year mortgage with monthly payments has how many total payments?
100
population
The entire group you want information about is called the what?
100
sample
A smaller group taken from the population is called the what?
100
qualitative or categorical
Data based on labels like major or eye color is what type of data?
100
quantitative
Data based on counts or measurements is what type of data?
100
a convenience sample
A sample chosen because it is easy to reach is called what?
100
15%
If 3 out of 20 students prefer tea, what percent is that?
100
parameter
In a survey of all 600 students, the average age is 22. Is 22 a parameter or a statistic?
100
a 30-year mortgage
Which loan generally has the lower monthly payment for the same principal and rate: a 15-year mortgage or a 30-year mortgage?
100
bias
A random sample is better than a convenience sample because it helps reduce what?
100
10.25%
An account grows from $400 to $441 in one year. What annual compound rate was used?
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