Simple Interest
Compound Interest
Mortgages
Stats Terms
Mixed Quiz 2
100
What is I = P r t?
State the simple interest formula.
100
What is $300?
Find simple interest on $2,000 at 5% for 3 years.
100
What is 0.06 or 6%?
If I = $480, P = $4,000, t = 2 years, find r.
100
What is $1,980?
Find the payoff (A) for P=$1,500, r=8%, t=4 years simple interest.
100
What is about $73.97?
A $5,000 loan earns 6% simple interest for 90 days using a 365-day year. Approximate I.
200
What is A = P(1 + r/n)^(nt)?
State the compound amount formula with n compounds per year.
200
What is $1,123.60?
Find A for P=$1,000, r=6%, n=1, t=2 years.
200
What is compound interest?
Which grows faster at the same APR: simple or compound interest?
200
What is higher?
If compounding changes from annually to monthly (same APR), final amount usually…
200
What is about $520.30?
Compute A for P=$500, r=4%, compounded quarterly for 1 year.
300
What is real estate / a home?
A mortgage is a loan used primarily to buy what?
300
What is the interest rate (and usually the payment)?
A fixed-rate mortgage keeps what constant?
300
What is interest?
In an amortization schedule, early payments are mostly…
300
What is a higher rate / longer term / larger principal?
Name one factor that raises the total cost of a mortgage.
300
What are taxes and insurance (escrow)?
What extra cost is often added to monthly housing payment besides principal and interest?
400
What is the population?
A complete set of individuals of interest is called the…
400
What is the sample?
A subset selected from the population is the…
400
What is a statistic?
A numerical summary of a sample is a…
400
What is a parameter?
A numerical summary of a population is a…
400
What are discrete data?
Data that can be counted in separate values are…
500
What is $126?
At 7% APR, simple interest on $900 for 2 years equals…
500
What is monthly compounding?
For the same P, r, t, which usually yields a larger amount: monthly or annual compounding?
500
What is lowers the monthly payment?
Mortgage term 30 years usually lowers or raises the monthly payment compared with 15 years?
500
What is variability / dispersion?
The spread of data values is often described using what idea?
500
What is false?
True or false: a sample can be larger than its population.
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