Simple Interest
Compound Interest
Mortgages
Statistical Terms
Mixed Review
100
What is I = Prt?
State the simple interest formula.
100
What is $60?
Find the interest on $500 at 4% for 3 years.
100
What is $1,320?
Find the future value of $1,200 at 5% simple interest for 2 years.
100
What is 5%?
If I = $90, P = $600, and t = 3 years, find r.
100
What is $90?
A $2,000 loan at 6% simple interest for 9 months costs this much interest.
100
What is previously earned interest (accumulated interest)?
In compound interest, interest is earned on the principal and on this too.
100
What is $1,210?
$1,000 at 10% compounded annually for 2 years grows to this amount.
100
What is monthly?
Compounded 12 times per year means this frequency.
100
What is 6% compounded monthly?
Which grows more after 1 year: 6% simple interest or 6% compounded monthly?
100
What is about $629.86?
$500 at 8% compounded annually for 3 years grows to about this amount.
100
What is a home (or real estate)?
A mortgage is typically used to buy this.
100
What is principal?
The part of a mortgage payment that reduces the amount owed.
100
What is an amortization schedule?
The table showing each payment split into principal and interest.
100
What is interest?
On a 30-year fixed mortgage, most of an early payment goes to this.
100
What are principal, interest rate, and loan term?
The three main inputs to a monthly mortgage payment formula are these.
100
What is the population?
The entire group of interest in a study.
100
What is a sample?
A subset of the population used to collect data.
100
What is a parameter?
A numerical summary that describes a population.
100
What is a statistic?
A numerical summary that describes a sample.
100
What is discrete data?
Data based on counting, such as number of siblings, are this type of quantitative data.
100
What is $3,240?
Find the future value of $3,000 at 4% simple interest for 2 years.
100
What is 10%?
$1,000 grows to $1,100 in one year with annual compounding. Find the interest rate.
100
What is it reduces bias / improves representativeness?
Random sampling is preferred for this reason.
100
What is decrease?
On an amortization schedule for a fixed-rate mortgage, the interest portion generally does this over time.
100
What is 360?
If a mortgage compounds monthly for 30 years, the total number of payments is this many.
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