Simple Interest
Compound Interest
Mortgages
Statistical Terms
Sampling/Data
100
interest
In the simple interest formula I = Prt, what does I represent?
100
$60
Find the simple interest on $500 at 6% for 2 years.
100
$1,380
Find the total amount repaid on a $1,200 loan at 5% simple interest for 3 years.
100
5%
If I = 90, P = 600, and t = 3, what is the annual interest rate?
100
Simple interest is based only on the original principal.
What is the key difference between simple interest and compound interest?
100
the principal and previously earned interest
In compound interest, interest is earned on what two things?
100
$1,100
$1,000 at 10% compounded annually for 1 year is worth how much?
100
$1,210
$1,000 at 10% compounded annually for 2 years is worth how much?
100
compound interest
At the same rate and time, which earns more: simple interest or compound interest?
100
A = P(1 + r/n)^(nt)
State the future value formula for compound interest.
100
a loan used to buy real estate or a home
What is a mortgage?
100
principal
What part of a mortgage payment reduces the amount owed?
100
how each payment is split between principal and interest and the remaining balance
What does an amortization schedule show?
100
you borrow less and usually have a lower monthly payment
What is one effect of making a larger down payment?
100
360
How many monthly payments are in a 30-year mortgage?
100
population
What do we call the entire group we want information about?
100
sample
What do we call a subset of the population?
100
a statistic
What is a number that describes a sample called?
100
a parameter
What is a number that describes a population called?
100
qualitative or categorical data
What type of data uses labels such as major, eye color, or favorite food?
100
simple random sample
What sampling method gives every individual an equal chance of being selected?
100
systematic sampling
If you choose every 10th name on a list, what sampling method are you using?
100
voluntary response bias
What kind of bias occurs when only volunteers respond to a survey?
100
quantitative discrete
Is number of siblings quantitative discrete or quantitative continuous?
100
quantitative continuous
Is height quantitative discrete or quantitative continuous?
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