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Simple Interest
Compound Interest
Mortgages
Stat Terms
Mixed Review
100
This formula is written I = Prt.
What is the simple interest formula?
100
This type of interest is earned on the principal plus previously earned interest.
What is compound interest?
100
This is the loan typically used to buy a house.
What is a mortgage?
100
The entire group you want information about in a study.
What is the population?
100
Find the simple-interest future value of $2,000 at 3% for 1 year.
What is $2,060?
200
Find the simple interest on $500 at 4% for 2 years.
What is $40?
200
Find the balance after 1 year if $1,000 is invested at 10% compounded annually.
What is $1,100?
200
A table that shows how each payment is split between principal and interest.
What is an amortization schedule?
200
A smaller group selected from the population.
What is a sample?
200
If a mortgage payment stays the same each month because the interest rate does not change, it is this type of mortgage.
What is a fixed-rate mortgage?
300
Find the simple-interest future value of $800 at 5% for 3 years.
What is $920?
300
Find the balance after 2 years if $500 is invested at 4% compounded annually.
What is $540.80?
300
If you select every 10th name from a list after a random start, you are using this sampling method.
What is a systematic sample?
300
Data such as “number of siblings” that can be counted one by one are called this type of data.
What are discrete data?
300
Which usually earns more over time at the same APR: simple interest savings or compound interest savings?
What is compound interest savings?
400
If I = $90, P = $600, and t = 3 years, find the simple interest rate.
What is 5%?
400
Which earns more over time at the same rate: simple interest or compound interest?
What is compound interest?
400
In the early years of most mortgages, more of each payment goes to this.
What is interest?
400
Data such as height or time, which are measured on a scale, are called this type of data.
What are continuous data?
400
Find the balance after 2 years if $1,000 is invested at 5% compounded annually.
What is $1,102.50?
500
If I = $120, P = $400, and r = 6%, find the time in years for simple interest.
What is 5 years?
500
Write the compound-interest formula for principal P, rate r, compounded n times per year for t years.
What is A = P(1 + r/n)^(nt)?
500
If the down payment increases, the amount borrowed on the mortgage becomes this.
What is smaller?
500
A sample chosen because it is easy to reach rather than random is called this.
What is a convenience sample?
500
A loan has repeated monthly payments. The part of each payment that reduces the amount owed is called this.
What is principal?