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Simple Interest
Compound Int.
Mortgages
Stat Terms
Mixed Review
100
I = Prt
State the formula for simple interest.
100
$60
Find the simple interest on $500 at 6% for 2 years.
100
$1,380
Find the total amount for $1,200 at 5% simple interest for 3 years.
100
2 years
If I = $84, P = $700, and r = 6%, find t.
100
Original principal only
In simple interest, is interest calculated on the original principal only or on principal plus prior interest?
100
Previously earned interest
In compound interest, interest is earned on principal plus what?
100
Compounding periods per year
In A = P(1 + r/n)^(nt), what does n represent?
100
6% compounded monthly
Which earns more in 1 year: 6% compounded monthly or 6% simple interest?
100
Once per year
If money is compounded annually, how often is interest added?
100
$1,102.50
A $1,000 account at 5% compounded annually for 2 years is about what amount?
100
A home or real estate
A mortgage is a loan used to buy what?
100
The interest rate
In a fixed-rate mortgage, what stays the same?
100
It lowers the amount borrowed
What does a down payment do to the amount borrowed?
100
Paying off a loan over time with scheduled principal and interest payments
What is amortization?
100
Lower
If you choose a longer mortgage term, the monthly payment is usually lower or higher?
100
Group
A population is the entire ____ under study.
100
Subset or part
A sample is a ____ of the population.
100
Population
A parameter describes a population or a sample?
100
Sample
A statistic describes a population or a sample?
100
Categorical
Qualitative data are categorical or numerical?
100
$8
Find simple interest on $200 at 4% for 1 year.
100
Rate, time, or compounding frequency
Name one factor that affects compound growth besides principal.
100
Up
If APR increases, a mortgage payment usually goes up or down?
100
Discrete
Classify number of siblings as discrete or continuous.
100
A sample is part of the whole population
What is one difference between a sample and a population?