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Simple Interest
Compound Interest
Mortgages
Stats Vocabulary
Mixed Review
100
interest
In the formula I = Prt, what does I represent?
100
interest earns interest
What does “compound” mean in compound interest?
100
a home or real estate
A mortgage is a loan used to buy what?
100
population
The entire group you want information about is called the what?
100
variable
A characteristic measured in a study is called a what?
200
$40
Find the simple interest on $500 at 4% for 2 years.
200
$1,100
$1,000 at 10% compounded annually for 1 year becomes what amount?
200
principal and interest
Monthly mortgage payments mainly include what two parts?
200
sample
A subset of the population that is actually studied is called the what?
200
systematic sample
Selecting every 10th person from a list is what kind of sample?
300
$920
What is the future value of $800 at 5% simple interest for 3 years?
300
monthly compounding
At the same APR, which grows faster: annual compounding or monthly compounding?
300
principal and interest
An amortization table shows how each payment is split between what two amounts?
300
discrete
Data from counting whole-number outcomes are what type of quantitative data?
300
True
True or False: Larger well-chosen samples usually represent the population better than tiny samples.
400
5%
If $90 interest is earned on $600 for 3 years, what was the annual simple interest rate?
400
the number of compounding periods per year
In A = P(1 + r/n)^(nt), what does n represent?
400
fixed-rate
Which kind of mortgage keeps the same interest rate over the life of the loan: fixed-rate or adjustable-rate?
400
continuous
Data from measurements such as time, height, or weight are what type of quantitative data?
400
data
Results collected from a survey or study are called what?
500
compound interest
With the same principal, rate, and time, which earns more: simple interest or compound interest?
500
$1,102.50
What is the value of $1,000 at 5% compounded annually for 2 years?
500
it decreases
If the down payment increases, the borrowed principal does what?
500
a biased sample
A sample that overrepresents one group and underrepresents another is called what kind of sample?
500
it decreases the total interest paid
Making extra principal payments on a mortgage generally has what effect on total interest paid?