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Simple Interest
Compound Interest
Mortgages
Statistical Terms
Mixed Review
100
What is the annual interest rate written as a decimal?
In the formula I = Prt, what does r represent?
100
What is A = P(1 + r/n)^(nt)?
What formula is commonly used for compound interest?
100
What is a mortgage?
A loan used to buy a home is called this.
100
What is the population?
The entire group you want information about is called this.
100
What is compound interest?
This type of interest earns interest on both principal and previously earned interest.
200
What is $40?
Find the simple interest on $500 at 4% for 2 years.
200
What is $1,102.50?
Find the amount in an account if $1,000 earns 5% compounded annually for 2 years.
200
What is the principal?
The amount originally borrowed for a mortgage is called this.
200
What is a sample?
A smaller group selected from a population is called this.
200
What is discrete data?
Data values such as number of siblings are this type of quantitative data.
300
What is $944?
Find the total amount owed for a simple interest loan of $800 at 6% for 3 years.
300
What is more?
Does compounding monthly usually produce more or less than compounding annually at the same rate and time?
300
What is interest?
In the early years of a 30-year mortgage, most of each payment usually goes to this.
300
What is qualitative or categorical data?
Data described with labels such as class year or major are this type.
300
What is a statistic?
A summary number computed from a sample is called this.
400
What is 3 years?
A $1,200 simple interest loan at 5% earns $180 in interest. Find the time.
400
What is it increases?
If the principal, rate, and time stay the same, what happens to the future value when compounding becomes more frequent?
400
What is an amortization schedule?
A table showing how each mortgage payment is split between interest and principal is called this.
400
What is a parameter?
A number that describes a population is called this.
400
What is sampling bias?
A survey that includes only your friends is likely affected by this problem.
500
What is it doubles the interest?
In simple interest, doubling the time while keeping P and r fixed does what to the interest?
500
What is the compound interest amount?
For the same principal and rate over more than one period, which is larger: simple interest amount or compound interest amount?
500
What is it increases?
If the interest rate on a mortgage rises, the monthly payment generally does this.
500
What is continuous data?
Height measured in inches is this type of quantitative data.
500
What is the population?
If a class survey uses every student in the class, the class data set is best described as this for that class.