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Simple Interest
Compound Interest
Mortgages
Statistics Terms
Mixed Review
100
I = Prt
What formula is used to calculate simple interest?
100
$60
Find the simple interest on $500 at 4% for 3 years.
100
$560
What is the total amount on a $500 investment at 4% simple interest for 3 years?
100
3 years
If I = $120, P = $800, and r = 5%, find t.
100
$90
A $2,000 loan at 6% simple interest lasts 9 months. How much interest is owed?
100
previously earned interest
With compound interest, interest is earned on the principal and on what else?
100
$1,102.50
Find the balance on $1,000 at 5% compounded annually for 2 years.
100
compound interest
For the same principal, rate, and time, which earns more: simple interest or compound interest?
100
$2,382.03
Find the balance on $2,000 at 6% compounded annually for 3 years.
100
$5,634.96
A $5,000 investment earns 3% compounded quarterly for 4 years. What is the balance?
100
a home or real estate
A mortgage is a loan used to buy what?
100
$180,000
A house costs $200,000 and the down payment is 10%. How much is borrowed?
100
lower
A longer mortgage term usually makes the monthly payment lower or higher?
100
30-year mortgage
For the same loan amount and rate, which has more total interest: a 15-year or a 30-year mortgage?
100
$1,529.99
The monthly payment on a $200,000 mortgage at 4.5% for 15 years is about what?
100
population
What do we call the entire group being studied?
100
sample
What do we call a subset of the population?
100
statistic
What do we call a numerical summary of a sample?
100
discrete
Is number of siblings discrete or continuous data?
100
simple random sample
Which sampling method gives every member an equal chance of being selected?
100
10%
If simple interest doubles the principal after 10 years, what annual rate was used?
100
interest
A mortgage payment includes principal and what other major cost?
100
the number of compounding periods per year
In A = P(1 + r/n)^(nt), what does n represent?
100
sample
Surveying 50 of 2,000 students is an example of a sample or a population?
100
$1,248
A $1,200 investment earns 4% compounded annually for 1 year. What is the balance?