Show:
Simple Interest
Compound Interest
Mortgages
Stat Terms
Interpretation
100
What is $60?
Use I = Prt. Find interest on $500 at 6% for 2 years.
100
What is $1,344?
Find the total amount for $1,200 at 4% simple interest for 3 years.
100
What is 6% (0.06)?
In I = Prt, solve for r when I=$72, P=$400, t=3 years.
100
What is $3,000?
A loan earns $225 simple interest at 5% for 1.5 years. Find principal.
100
What is convert months to years?
If t is measured in months, what must you do before using I = Prt?
100
What is A = P(1+r)^t?
What is the compound interest formula for annual compounding?
100
What is $1,102.50?
Find A for P=$1,000, r=5%, t=2 years with annual compounding.
100
What is compound interest?
Which grows faster over time on the same principal and rate: simple or compound interest?
100
What is exponential growth?
A balance doubles every 10 years. Is the growth linear or exponential?
100
What is n = 12?
A savings account compounds monthly. What value of n is used in A=P(1+r/n)^(nt)?
100
What is a long-term loan used to buy real estate?
What is a mortgage?
100
What is principal paid gets larger?
In a fixed-rate mortgage payment, which part usually gets larger over time: principal paid or interest paid?
100
What is a table showing each payment split and remaining balance?
What is an amortization schedule?
100
What is it increases?
If the interest rate increases but loan amount and term stay the same, what happens to the monthly payment?
100
What is property taxes, homeowners insurance, or PMI?
Name one cost (besides principal and interest) often included in monthly housing payments.
100
What is a statistic?
A value that describes a sample numerically is called a _____.
100
What is the population?
A complete set of individuals or objects of interest is the _____.
100
What is biased?
A sample that tends to overrepresent one group is _____.
100
What are outliers?
Data values that are far from most others are called _____.
100
What is categorical?
Classify variable type: eye color (categorical or quantitative).
100
What is right-skewed (high-income outliers)?
Mean household income is much higher than median income. What does this suggest about the distribution?
100
What is voluntary response bias?
A poll uses only volunteers from social media. What sampling issue is likely?
100
What is increases?
The margin of error gets smaller when sample size does what?
100
What is systematic sampling?
If you randomly choose every 10th student from a roster, what sampling method is this?
100
What is median?
Which center measure is more resistant to outliers: mean or median?