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Simple Interest
Compound Interest
Mortgages/Loans
Stat Terms
Mixed Review
100
What is Prt?
Complete the formula: I = ____.
100
What is $60?
Find the simple interest on $500 at 4% for 3 years.
100
What is $1,320?
Find the total amount for $1,200 at 5% simple interest for 2 years.
100
What is 5%?
If the interest is $90 on $600 for 3 years, what is the rate?
100
What is compound interest?
With the same principal, rate, and time, which earns more: simple or compound interest?
200
What is previously earned interest also earns interest?
In everyday language, compound interest means this kind of “interest on interest.”
200
What is A = P(1 + r/n)^(nt)?
Write the compound interest amount formula.
200
What is $1,210?
Find the amount for $1,000 at 10% compounded annually for 2 years.
200
What is increase?
For the same APR and time, more frequent compounding generally makes the final amount do this.
200
What is the effective annual yield (or effective annual rate)?
This rate tells the actual yearly growth after compounding is taken into account.
300
What is a home loan used to buy property?
A mortgage is this type of loan.
300
What is an amortization table/schedule?
This table shows how each payment is split between principal and interest.
300
What is decrease?
A larger down payment generally makes the monthly mortgage payment do this.
300
What is the 30-year loan?
For the same loan amount and rate, which loan usually pays more total interest: 15-year or 30-year?
300
What is increase?
If the interest rate rises but principal and term stay the same, the monthly payment will do this.
400
What is the population?
The entire group a researcher wants to study is called this.
400
What is a sample?
A smaller group chosen from the population is called this.
400
What is a random sample (or simple random sample)?
This kind of sample gives every member an equal chance of selection.
400
What is quantitative data?
Hours worked per week is what kind of data: quantitative or categorical?
400
What is bias (or convenience sample bias)?
Surveying only your close friends is likely to create this problem.
500
What is $60?
Find the simple interest on $2,000 at 3% for 1 year.
500
What is $1,050?
Find the amount for $1,000 at 5% compounded annually for 1 year.
500
What is an amortization schedule/table?
A home-loan schedule that shows monthly balance changes is called this.
500
What is a population?
The number of students enrolled at a college is an example of this whole group.
500
What is systematic sampling?
Choosing every 10th name from a roster is what kind of sampling?