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simple interest
compound interest
mortgage math
statistics vocabulary
mixed applications
100
principal (starting amount borrowed/invested)
in the formula i = prt, what does p represent?
100
$90
find the simple interest on $500 at 6% for 3 years.
100
$590
if p = $500, r = 6%, t = 3 years, what is the total amount repaid (p+i)?
100
7.5%
solve for r: i = $120, p = $800, t = 2 years.
100
$324
borrow $2400 at 9% simple interest for 18 months. find the interest.
100
A = P(1 + r/n)^(nt)
write the compound interest formula for amount after t years.
100
$1,102.50
find A for P=$1000, r=5%, compounded annually (n=1), t=2.
100
compound interest ($1,102.50 vs $1,100)
which is larger: simple interest 5% for 2 years on $1000, or compound annually 5% for 2 years?
100
$2,254.54
find A for P=$2000, r=4%, compounded monthly (n=12), t=3 years (nearest cent).
100
about 6.17%
compute the effective annual yield for 6% compounded monthly (nearest 0.01%).
100
a schedule/process of paying a loan with repeated payments covering interest + principal
what is amortization?
100
360
a 30-year mortgage with monthly payments has how many payments?
100
0.048/12 = 0.004
if APR is 4.8%, what is the monthly interest rate (decimal) used in formulas?
100
interest
in the early years of a typical fixed-rate mortgage, which part of the payment is larger: principal or interest?
100
$300
a payment is $800 and the interest for that month is $500. how much principal is paid that month?
100
population = full group; sample = subset used to learn about the population
define population and sample (in one sentence each).
100
qualitative
is 'favorite music genre' qualitative or quantitative data?
100
a sample collection method that makes some members more/less likely to be selected; it skews conclusions
what is sampling bias?
100
parameter describes a population; statistic describes a sample
what is the difference between a parameter and a statistic?
100
quantitative discrete
number of children in a family is what type of variable?
100
20% increase
percent change: from 200 to 240 is what percent increase?
100
about 12 years
use the rule of 72: at 6% interest, about how many years to double?
100
0.05/12 ≈ 0.004167
convert an APR of 5% to a monthly rate in decimal form.
100
qualitative
in a survey of 50 students, 'favorite color' is what type of data?
100
it ensures key subgroups (e.g., class year) are represented proportionally
why might stratified sampling reduce bias in a campus survey?