Show:
Simple Interest
Compound Interest
Mortgages & Loans
Statistics Vocabulary
Mixed Review
100
principal
In I = Prt, what does P represent?
100
$60
Find the simple interest on $500 at 6% for 2 years.
100
$1380
Find the total amount on $1200 at 5% simple interest for 3 years.
100
5%
If I = 90, P = 600, and t = 3 years, what is the simple interest rate?
100
3%
A savings bond earns $48 of simple interest on $400 in 4 years. What is the rate?
100
A = P(1 + r/n)^(nt)
Write the compound interest formula.
100
$1100
$1000 is invested at 10% compounded annually for 1 year. What is the amount?
100
Compound interest earns interest on interest
What is the key difference between simple and compound interest?
100
About $1126.83
$1000 is invested at 12% compounded monthly for 1 year. About how much is in the account?
100
monthly compounding
At the same nominal annual rate, which earns more after 1 year: monthly compounding or annual compounding?
100
a home or real estate
A mortgage is a loan that is usually used to buy what?
100
principal
On an amortization schedule, what part of the payment reduces the loan balance?
100
monthly
Most fixed-rate mortgages are paid on what schedule?
100
It increases
If interest rates go up, what usually happens to the monthly payment on the same loan amount and term?
100
$160,000
A house costs $200,000 and the down payment is 20%. What is the loan amount?
100
population
What do we call the entire group we want information about?
100
statistic
What do we call a numerical summary computed from a sample?
100
qualitative or categorical
Is eye color qualitative or quantitative data?
100
convenience sample
What kind of sample is chosen because it is easy to reach?
100
A parameter describes a population; a statistic describes a sample
What is the difference between a parameter and a statistic?
100
$832
Find the total amount on $800 at 4% simple interest for 1 year.
100
$1102.50
$1000 is invested at 5% compounded annually for 2 years. What is the amount?
100
interest
At the beginning of a standard mortgage, does more of the payment usually go to interest or principal?
100
systematic sampling
Choosing every 10th student from a roster after a random start is what kind of sampling?
100
discrete
The number of siblings a student has is what type of variable: discrete or continuous?