What is simple interest?
Interest, Scatter Plots and MAD Review

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•
Mathematics
•
8th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Simple interest is calculated using the formula: I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years.
2.
FLASHCARD QUESTION
Front
What is compound interest?
Back
Compound interest is calculated on the initial principal and also on the accumulated interest from previous periods. The formula is A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount, r is the annual interest rate, n is the number of times that interest is compounded per year, and t is the number of years.
3.
FLASHCARD QUESTION
Front
What does it mean for a scatter plot to have a strong association?
Back
A scatter plot has a strong association when the points are closely clustered together, indicating a strong correlation between the two variables.
4.
FLASHCARD QUESTION
Front
How do you calculate the total amount paid on a loan with compound interest?
Back
To calculate the total amount paid on a loan with compound interest, use the formula A = P(1 + r/n)^(nt), where A is the total amount, P is the principal, r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years.
5.
FLASHCARD QUESTION
Front
What is the formula for calculating the Mean Absolute Deviation (MAD)?
Back
The Mean Absolute Deviation (MAD) is calculated by taking the average of the absolute differences between each data point and the mean of the data set.
6.
FLASHCARD QUESTION
Front
What is the principal in a loan?
Back
The principal is the original sum of money borrowed in a loan or invested, excluding any interest or dividends.
7.
FLASHCARD QUESTION
Front
What is the difference between a positive and negative correlation in scatter plots?
Back
A positive correlation means that as one variable increases, the other variable also increases. A negative correlation means that as one variable increases, the other variable decreases.
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