Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — Answers
Answer sheet with worked solutions for the Year 10 financial mathematics worksheet.
Success TutoringWorksheetsAnswer sheetYear 10 · Mathematics · Financial MathematicsYear 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — Answers
Show your working. Write the rate as a decimal (5% = 0.05). Round money to the nearest cent.
1.Find the simple interest on $10,500.00 invested at 8% per year for 6 years. What is the total value at the end?
Answer: Interest $5,040.00; total $15,540.00
- I = P × r × n = $10,500.00 × 0.08 × 6
- = $5,040.00
- Total = $10,500.00 + $5,040.00 = $15,540.00
2.Find the simple interest on $7,750.00 invested at 4.5% per year for 6 years. What is the total value at the end?
Answer: Interest $2,092.50; total $9,842.50
- I = P × r × n = $7,750.00 × 0.045 × 6
- = $2,092.50
- Total = $7,750.00 + $2,092.50 = $9,842.50
3.Find the simple interest on $11,000.00 invested at 2% per year for 3 years. What is the total value at the end?
Answer: Interest $660.00; total $11,660.00
- I = P × r × n = $11,000.00 × 0.02 × 3
- = $660.00
- Total = $11,000.00 + $660.00 = $11,660.00
4.Find the simple interest on $14,000.00 invested at 2% per year for 2 years. What is the total value at the end?
Answer: Interest $560.00; total $14,560.00
- I = P × r × n = $14,000.00 × 0.02 × 2
- = $560.00
- Total = $14,000.00 + $560.00 = $14,560.00
5.Find the simple interest on $3,250.00 invested at 5% per year for 6 years. What is the total value at the end?
Answer: Interest $975.00; total $4,225.00
- I = P × r × n = $3,250.00 × 0.05 × 6
- = $975.00
- Total = $3,250.00 + $975.00 = $4,225.00
6.Find the simple interest on $8,250.00 invested at 2.5% per year for 2 years. What is the total value at the end?
Answer: Interest $412.50; total $8,662.50
- I = P × r × n = $8,250.00 × 0.025 × 2
- = $412.50
- Total = $8,250.00 + $412.50 = $8,662.50
7.Find the simple interest on $12,750.00 invested at 8% per year for 4 years. What is the total value at the end?
Answer: Interest $4,080.00; total $16,830.00
- I = P × r × n = $12,750.00 × 0.08 × 4
- = $4,080.00
- Total = $12,750.00 + $4,080.00 = $16,830.00
8.Find the simple interest on $9,500.00 invested at 6% per year for 3 years. What is the total value at the end?
Answer: Interest $1,710.00; total $11,210.00
- I = P × r × n = $9,500.00 × 0.06 × 3
- = $1,710.00
- Total = $9,500.00 + $1,710.00 = $11,210.00
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