Show:
Simple Interest
Compound Interest
Mortgages
Sampling Terms
Data & Variation
100
P r t
Formula for simple interest uses I = ?
100
$90
Find interest on $500 at 6% for 3 years.
100
P(1 + r t)
Total amount with simple interest is A = ?
100
6%
If I=$48, P=$400, t=2 years, find r.
100
linearly
Simple interest grows linearly or exponentially?
200
P(1 + r/n)^(nt)
Compound interest formula is A = ?
200
compounds per year
What does n represent in the formula?
200
12
If interest is compounded monthly, n = ?
200
exponentially
Money in compound interest grows linearly or exponentially?
200
compound interest
Effective growth is usually larger with simple or compound interest?
300
12
A mortgage payment is made monthly, so one year has how many payments?
300
borrowed (loan balance)
Principal means the amount _____.
300
interest
The part of early mortgage payments that is usually larger: interest or principal?
300
the same
Fixed-rate mortgage means the interest rate stays _____.
300
360
A 30-year mortgage has about how many monthly payments?
400
population
The entire group you want to study is the _____.
400
sample
A subset of the population is a _____.
400
simple random sample
A sample chosen so everyone has equal chance is called _____.
400
bias
Systematic differences that distort results are called _____.
400
statistic
A numerical summary of a sample is a _____.
500
center
Mean, median, and mode are measures of _____.
500
spread/variation
Range and standard deviation are measures of _____.
500
outlier
An unusual value far from the rest is an _____.
500
high
Data values are spread out more when variation is high or low?
500
histogram
A graph used to show frequency by intervals is a _____.