Show:
Simple Int.
Compound Int.
Mortgages
Stat Terms
Sampling/Data
100
Name the simple interest formula that uses principal, rate, and time.
What is I = Prt?
100
Interest that is earned on both the original principal and prior interest is called this.
What is compound interest?
100
A loan used to purchase a home is called this.
What is a mortgage?
100
The entire group you want information about is called the _____.
What is the population?
100
A sample chosen because it is easy to reach is called this type of sample.
What is a convenience sample?
200
Find the simple interest on $1,000 at 5% for 2 years.
What is $100?
200
Write the compound interest formula for amount A with n compounding periods per year.
What is A = P(1 + r/n)^(nt)?
200
An amortization schedule shows how each payment is split between these two parts.
What are principal and interest?
200
A numerical summary computed from a sample is called this.
What is a statistic?
200
A study that records data without assigning a treatment is called this.
What is an observational study?
300
Find the future value under simple interest for $500 at 4% for 3 years.
What is $560?
300
At 10% compounded annually, $1,000 grows after 2 years to this amount.
What is $1,210?
300
On a 30-year fixed mortgage, these stay the same over the life of the loan.
What are the scheduled payment amount and interest rate?
300
Data described using labels such as major or eye color are this type of data.
What are qualitative (categorical) data?
300
Collecting data from every member of a population is called this.
What is a census?
400
If $600 earns $72 in 2 years with simple interest, find the annual rate.
What is 6%?
400
At the same nominal annual rate, which grows faster: annual compounding or quarterly compounding?
What is quarterly compounding?
400
Money collected with a mortgage payment to pay property taxes and insurance is called this.
What is escrow?
400
A systematic favoring of some outcomes over others in a study is called this.
What is bias?
400
Count data such as number of siblings are what kind of quantitative data?
What are discrete data?
500
APR stands for this.
What is annual percentage rate?
500
Using the Rule of 72, money invested at 6% will roughly double in this many years.
What is about 12 years?
500
The original amount borrowed on a mortgage is the _____.
What is the principal?
500
The amount by which data values differ or spread out is called this.
What is variability?
500
A sample that gives every member of the population an equal chance to be selected is this kind of sample.
What is a simple random sample?