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Simple Interest
Compound Interest
Mortgages
Stat Terms
Sampling & Data
100
Using I = Prt, find the interest on $500 at 4% for 2 years.
$40
100
Find the total amount on $800 at 5% simple interest for 3 years.
$920
100
What annual rate gives $90 of simple interest on $600 in 3 years?
5%
100
A 9-month loan uses simple interest at 8% on $1,200. Find the interest.
$72
100
A savings account earns $54 simple interest in 18 months at 6%. Find the principal.
$600
100
State the compound interest formula.
A = P(1 + r/n)^(nt)
100
$1,000 earns 5% compounded annually for 2 years. Find the balance.
$1,102.50
100
Over the same time and rate, which grows more: simple or compound interest?
Compound interest
100
After the first period, compound interest is earned on what?
The principal and the previously earned interest
100
$2,000 earns 6% compounded monthly for 1 year. Find the balance (nearest cent).
$2,123.36
100
A mortgage is what type of financial arrangement?
A loan used to buy a home
100
In a mortgage payment, principal is the part that does what?
Pays down the loan balance
100
What monthly amount is often collected for property taxes and insurance?
Escrow
100
Find the monthly payment on a $180,000 mortgage at 4.5% for 30 years (nearest cent).
$912.03
100
If the interest rate rises but the loan amount and term stay the same, what happens to the monthly payment?
It increases
100
A number that describes an entire population is called a what?
Parameter
100
A number calculated from a sample is called a what?
Statistic
100
The entire group you want information about is the what?
Population
100
A subset chosen from the population is the what?
Sample
100
Eye color or favorite music genre are what kind of data?
Qualitative or categorical data
100
Number of siblings is what type of data?
Quantitative discrete
100
Height in inches is what type of data?
Quantitative continuous
100
A sample chosen so every member has an equal chance is called what?
A simple random sample
100
If you survey only students in one cafeteria at noon, what problem may occur?
Convenience bias or undercoverage
100
Why do researchers often use samples instead of whole populations?
Because sampling is more practical, faster, and less expensive