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Simple Int.
Compound Int.
Mortgages
Stat Terms
Mixed Apps
100
I = Prt
What formula is used for simple interest?
100
$40
Find the simple interest on $500 at 4% for 2 years.
100
$1,380
Find the total repayment on $1,200 at 5% for 3 years of simple interest.
100
time in years
In I = Prt, what does t represent?
100
5%
Find r if I = $90, P = $600, and t = 3 years.
100
previously earned interest
With compound interest, interest is earned on principal plus what else?
100
compound interest
Which grows faster at the same rate and time: simple or compound interest?
100
$1,210
Compute A for $1,000 at 10% compounded annually for 2 years.
100
the number of compounding periods per year
In A = P(1 + r/n)^(nt), what does n represent?
100
$120
$2,000 is invested at 6% compounded annually for 1 year. How much interest is earned?
100
a home or other real estate
A mortgage is usually used to buy what?
100
interest
A monthly mortgage payment covers principal and what else?
100
principal and interest
An amortization schedule shows how each payment is split into what two parts?
100
lower
Compared with a 15-year mortgage, a 30-year mortgage usually has a _____ monthly payment.
100
an amortized or installment loan
A mortgage paid in regular monthly payments over time is what type of loan?
100
population
The entire group you want information about is the _____.
100
sample
A subset of the population used to collect data is the _____.
100
parameter
A numerical summary of a population is a _____.
100
statistic
A numerical summary of a sample is a _____.
100
variable
A characteristic measured on each individual is a _____.
100
$40
Find the simple interest on $800 at 5% for 1 year.
100
quantitative discrete data
The number of siblings in a family is what type of data?
100
to track the balance and split each payment into principal and interest
Why do lenders use an amortization schedule?
100
$102.50
$1,000 grows to $1,102.50 after 2 years at 5% compounded annually. How much interest was earned?
100
all students at the college
A survey asks 20 students about commute time to learn about the whole college. Who is the population?