Show:
Simple Interest
Compound Interest
Mortgages and Loans
Sampling and Data
Statistical Terms
100
Principal, or starting amount
In I = Prt, what does P represent?
100
Interest earned on principal plus previously accumulated interest
What phrase describes compound interest?
100
A loan used to buy real property, secured by that property
What is a mortgage?
100
The entire group being studied
What is a population in statistics?
100
4
Find the mode of 2, 4, 4, 10.
200
$60
Find the simple interest on $500 at 4% for 3 years.
200
$1,102.50
$1,000 grows at 5% compounded annually for 2 years. What is the balance?
200
Principal and interest
In a loan payment, what two parts are commonly separated on an amortization table?
200
A subset of the population collected for study
What is a sample?
200
8
Find the median of 3, 7, 8, 10, 14.
300
5%
A $1,200 principal earns $90 in simple interest over 1.5 years. What annual rate was used?
300
0.5% per month
A nominal annual rate of 6% compounded monthly has what monthly periodic rate?
300
$180,000
A home costs $225,000 with a 20% down payment. What amount is financed?
300
Categorical data
Favorite commute method (bus, walk, car, train) is what data type?
300
8
Find the mean of 6, 8, and 10.
400
$1,008
What is the ending balance for $900 at 6% simple interest for 2 years?
400
$1,624.29
$1,500 earns 4% compounded quarterly for 2 years. What is the balance, rounded to cents?
400
The scheduled payment amount
For a fixed-rate mortgage, what usually remains stable in the scheduled principal-and-interest payment?
400
Simple random sample
Which random sample method gives every member of the population an equal chance to be chosen?
400
17
Find the range of 12, 17, 21, 29.
500
4 years
How long does $800 need to earn $112 in simple interest at 3.5%?
500
Quarterly compounding; about $1.89 more
Which earns more after 1 year: $2,000 at 5% compounded annually or quarterly? Give the difference.
500
$1,200
A $240,000 mortgage has a 6% annual rate. What is first-month interest before principal reduction?
500
Cluster sampling
A college randomly selects 3 course sections and surveys every student in those sections. What sampling method is this?
500
The spread or variability of values around the mean
What does standard deviation describe?