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Simple Interest
Compound Interest
Mortgages/Loans
Statistical Terms
Mixed Review
100
$60
Use I = Prt for P = 500, r = 0.06, t = 2 years. Find I.
100
Previously earned interest
Compound interest means earning interest on the principal and on what else?
100
Principal
The total amount borrowed on a mortgage is called what?
100
Population
The entire group you want to study is called what?
100
Compound interest
Interest on a credit card balance that also charges on prior interest is what type?
200
$560
Find the total amount on $500 at 6% simple interest for 2 years.
200
$1,102.50
$1,000 at 5% compounded annually for 2 years grows to what amount?
200
Annual Percentage Rate
APR stands for what?
200
Sample
A subset of a population chosen for study is called what?
200
Systematic sampling
Selecting every 10th student from a list is what sampling method?
300
5%
If I = 90, P = 600, and t = 3 years, what simple interest rate r was used?
300
Monthly compounding
At the same nominal rate, which yields more growth in one year: annual or monthly compounding?
300
360
A 30-year mortgage with monthly payments has how many payments?
300
Qualitative
Favorite ice-cream flavor is what type of data: qualitative or quantitative?
300
Principal and interest
A mortgage payment is split into what two main parts?
400
$81
Find the simple interest on $1,200 at 4.5% for 18 months.
400
$2,081.21
$2,000 at 4% compounded quarterly for 1 year grows to what amount (nearest cent)?
400
Interest
In the early years of an amortized mortgage, more of each payment goes to which part: principal or interest?
400
Parameter
A numerical description of a population is called what?
400
$286.52
$1,500 at 6% compounded annually for 3 years earns how much interest (nearest cent)?
500
$600
A $3,000 loan at 5% simple interest for 4 years costs how much interest?
500
8 years
Using the Rule of 72, money at 9% compound interest doubles in about how many years?
500
Reduces the principal balance
If a payment is larger than the interest due, the amount left over does what?
500
Statistic
A numerical description calculated from a sample is called what?
500
A statistic
A sample average class score estimates the class-wide average parameter; the sample average itself is what?