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Simple Int.
Compound Int.
Mortgages
Stats Terms
Sampling/Data
100
Annual interest rate as a decimal
In I = Prt, what does r represent?
100
Interest earned on principal and previously earned interest
What is the meaning of compound interest?
100
The amount borrowed
What is the principal of a mortgage?
100
Entire
A population is the _____ group you want information about.
100
Subset
A sample is a _____ of the population.
200
$100
Find the simple interest on $1,000 at 5% for 2 years.
200
12
If interest compounds monthly, how many compounding periods are there in 1 year?
200
Interest and principal
An amortization table shows how each payment is split between what two parts?
200
Statistic
A numerical measure from a sample is a _____.
200
Qualitative (categorical)
Data that are names or labels are _____ data.
300
$3,240
What is the total amount after earning $240 simple interest on a $3,000 loan?
300
Compound interest
Which grows faster over time at the same stated rate: simple or compound interest?
300
Does not change
A fixed-rate mortgage has an interest rate that _____.
300
Discrete
A variable that counts outcomes such as number of siblings is _____ quantitative data.
300
Simple
A sample chosen so every member has an equal chance is a _____ random sample.
400
$20
Find the simple interest on $500 at 8% for 6 months.
400
Number of compounding periods per year
In A = P(1 + r/n)^(nt), what does n represent?
400
Monthly payment
The regular monthly amount paid on a mortgage is called the _____.
400
Mean
The average of a data set is the _____.
400
Continuous
Data from measurements like height or time are often _____ quantitative data.
500
Double
If you double time in a simple interest problem and keep P and r the same, the interest will _____.
500
4
Compounding quarterly means interest is added _____ times per year.
500
Owe
Home equity is the difference between the home’s value and what you still _____.
500
Median
The middle value in an ordered data set is the _____.
500
Representative
Sampling bias occurs when the sample is not _____ of the population.