Simple Interest
Compound Interest
Mortgages
Stat Terms
Sampling & Data
100
I = Prt
State the simple interest formula.
100
Compound interest
Which grows faster over time: simple interest or compound interest?
100
A home / real estate
A mortgage is a loan used to buy what?
100
Population
What is the name of the whole group of interest in a study?
100
Quantitative discrete
The number of siblings is what type of data?
200
$60
Find the simple interest on $500 at 6% for 2 years.
200
$1,102.50
Compute the amount for $1,000 at 5% compounded annually for 2 years.
200
Principal and interest
In an amortized mortgage payment, money goes to what two things?
200
Sample
What is the name of a subset of the population that is actually studied?
200
Qualitative / categorical
Eye color is what type of data?
300
$1,380
What is the total payoff on $1,200 at 5% simple interest for 3 years?
300
The number of compounding periods per year
In A = P(1 + r/n)^(nt), what does n represent?
300
It decreases
If the term increases from 15 years to 30 years, what usually happens to the monthly payment?
300
A statistic
What is a numerical summary of a sample called?
300
Systematic sample
Sampling every 10th student on a roster is what kind of sample?
400
$42
A simple interest loan has P = $800, r = 7%, t = 9 months. Find the interest.
400
Compound interest
Compare $1,000 at 6% simple interest and 6% compounded annually for 3 years. Which is larger?
400
Home value minus the amount owed
What is home equity?
400
A parameter
What is a numerical summary of a population called?
400
Stratified sample
Dividing students by major and sampling from each major is what kind of sample?
500
7.5%
A lender earned $90 in simple interest on $600 over 2 years. What was the annual rate?
500
It increases
If compounding happens more frequently while P, r, and t stay the same, what happens to the final amount?
500
You pay less total interest and/or pay off the loan faster
What is one benefit of making extra principal payments on a mortgage?
500
A variable
What is a characteristic measured on each member of a population or sample called?
500
Convenience sample / biased sample
Sampling only nearby friends is what kind of sample?
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