Show:
Simple Interest
Compound Interest
Mortgages/Loans
Stats Terms
Mixed Review
100
principal
In I = PRT, what does P stand for?
100
$40
Find the simple interest on $500 at 4% for 2 years.
100
$1,380
Find the total amount on $1,200 at 3% simple interest for 5 years.
100
2 years
If I = $72, P = $600, and r = 6%, find t.
100
$1,000 at 5%
Which earns more simple interest over 3 years: $1,000 at 5% or $800 at 6%?
200
compound interest
Interest earned on both the principal and prior interest is called what?
200
$1,100
$1,000 at 10% compounded annually for 1 year becomes what amount?
200
5% compounded annually
Which grows more over 2 years: 5% compounded annually or 5% simple interest?
200
$2,163.20
$2,000 at 4% compounded annually for 2 years grows to about what amount?
200
True
True or false: More frequent compounding at the same APR leads to slightly more interest.
300
amortization schedule
What table shows how each loan payment is split between principal and interest?
300
principal
In a loan, what is the amount borrowed called?
300
the same
On a fixed-rate mortgage, the principal-and-interest payment is generally what from month to month?
300
interest
Early in a mortgage, more of each payment goes to interest or principal?
300
30-year mortgage
For the same amount and rate, which usually has more total interest paid: a 30-year mortgage or a 15-year mortgage?
400
population
The entire group we want to study is the ______.
400
sample
A subset of the population is a ______.
400
quantitative discrete
What type of data is number of siblings?
400
qualitative (categorical)
What type of data is eye color?
400
convenience sample
A sample chosen because it is easy to reach is called what?
500
a mortgage
A home loan is commonly called what?
500
8%
If $100 grows to $108 in one year, what is the percent increase?
500
systematic sampling
What sampling method selects every 10th student on a roster?
500
interest earns interest
Why does compound interest beat simple interest over long time periods?
500
sampling bias / convenience bias
If a survey includes too many of the researcher's friends, what issue is likely present?