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16 Cards in this Set
- Front
- Back
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Conditional Probability |
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Mutually exclusive |
If it is not possible for a A & B to occur at the same time |
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Or probability problems |
Require a successful outcome for at least one of the given events P(A or B)= P(A) + P(B) - P(A and B) |
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Independent |
If the occurrence of either doesn't affect the occurrence of the other |
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And probability problems |
Requires a successful outcome in each of the events in succession P(A and B)= P(A) P(B) |
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Counting principles |
M×N=Distinctive ways Ex.) 15 shirts×10 pairs of pants= 150 outifts |
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Sample space |
A list of all possible outcomes of an experiment |
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Without replacement |
An object can only be chosen ones Ex.) 365×364= 132,860 |
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With replacement |
Ex.) 365×365= 133,225 |
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Expected Value |
E, is used to determine the expected results of an experiment over the long run. P= probability of corresponding event A= net gain or loss of the event
E= (P1)(A1)+(P1)(P2) |
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Odds on favor |
E= P(E)÷P(~E) |
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Odds against |
E= P(~E)÷P(E) |
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Morgage |
Term loan for the purpose of buying a home in which the property is held as collateral |
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Points |
Interest paid to lender at the time of closing 1 point = 1% of mortgage |
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Conventional loan |
Loan in which the interest rate and amount of mortgage payment are fixed |
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Monthly mortgage rate |
Using table 11.4, pg.649 is... M= (Mortgage÷1,000) ×table value |
