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Simple Interest
Compound Interest
Mortgages
Statistical Terms
Mixed Review
100
What is I = Prt?
Give the simple interest formula.
100
What is interest earned on principal and prior interest?
What makes compound interest different from simple interest?
100
What is a home loan?
A mortgage is this type of loan.
100
What is the population?
The entire group being studied.
100
What is the principal?
The original amount borrowed or invested.
200
What is $40?
Find the simple interest on $500 at 4% for 2 years.
200
What is A = P(1 + r/n)^(nt)?
State the compound interest formula.
200
What is the interest rate?
In a fixed-rate mortgage, this stays the same over the loan term.
200
What is the sample?
The smaller group selected from the population.
200
What is a parameter?
A value that describes a population, such as a population mean.
300
What is $920?
Find the total amount on $800 at 5% simple interest for 3 years.
300
What is $1,102.50?
Find the amount for $1,000 at 5% compounded annually for 2 years.
300
What is interest?
Early in a typical mortgage, most of each payment goes to this.
300
What is a statistic?
A numerical summary calculated from a sample.
300
What is sampling bias?
If some groups are left out of a sample, this problem may occur.
400
What is 5%?
If I = $90, P = $600, and t = 3 years, find r.
400
What is monthly compounding?
At the same APR, which usually earns more after 1 year: annual or monthly compounding?
400
What is about $1,041.67?
Approximate one month of interest on a $250,000 mortgage at 5% annual interest.
400
What is quantitative discrete?
The data type for number of siblings.
400
What is the same?
With annual compounding and simple interest at the same rate, after exactly 1 year the amounts are this.
500
What is $117?
Find the simple interest on $1,200 at 6.5% for 18 months.
500
What is about $2,123.36?
Find the amount for $2,000 at 6% compounded monthly for 1 year.
500
What is an amortization schedule?
This schedule shows how each payment is split between principal and interest.
500
What is quantitative continuous?
The data type for height in inches.
500
What is a higher monthly payment and lower total interest?
Compared with a 30-year mortgage, a 15-year mortgage usually has this monthly payment and this total interest.