Show:
Simple Interest
Compound Interest
Mortgages
Statistical Terms
Mixed Review
100
principal
In I = Prt, what does P stand for?
100
compound interest
What kind of interest earns interest on previously earned interest?
100
amortization
The regular process of paying off a loan over time is called what?
100
a statistic
A number that describes a sample is called what?
100
compound interest
For the same P, r, and t, which usually earns more: simple or compound interest?
200
$40
Find the simple interest on $500 at 4% for 2 years.
200
$1,050
If $1,000 earns 5% compounded annually for 1 year, what is the balance?
200
360
A 30-year mortgage is usually repaid in how many monthly payments?
200
the population
The entire group a researcher wants information about is called what?
200
systematic sample
Sampling every 10th name on a list is what kind of sample?
300
$42
You borrow $800 at 7% simple interest for 9 months. Find the interest.
300
$2,247.20
Find the balance on $2,000 at 6% compounded annually for 2 years.
300
the interest rate (and scheduled payment)
In a fixed-rate mortgage, what stays the same over the loan term?
300
a variable
A characteristic measured on each individual, such as height or age, is called what?
300
it decreases
If a lender increases the loan term from 15 years to 30 years, what usually happens to the monthly payment?
400
6%
Use I = Prt: if I = $72, P = $600, and t = 2 years, find r.
400
A = P(1 + r/n)^(nt)
If $5,000 earns 3% compounded quarterly for 1 year, which formula is used?
400
the principal
The amount borrowed for a mortgage before interest is added is called what?
400
convenience sample
A sample chosen because it is easy to reach is what kind of sample?
400
median
A statistic that describes the middle of a data set is the what?
500
$2,200
You borrow $2,000 at 8% simple interest for 15 months. What total amount is owed?
500
$1,102.50
Find the balance on $1,000 at 5% compounded annually for 2 years.
500
because the unpaid balance is largest at the beginning
Why is more of an early mortgage payment applied to interest than principal?
500
systematic
Name one probability sampling method: simple random, stratified, cluster, or what?
500
the compound-interest account
A bank offers 6% simple interest and 6% compounded annually for 3 years on the same principal. Which account ends with more money?