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Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — Answers

Answer sheet with worked solutions for the Year 10 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 10 · Mathematics · Financial Mathematics

Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — 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 $6,000.00 invested at 4.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,350.00; total $7,350.00

  1. I = P × r × n = $6,000.00 × 0.045 × 5
  2. = $1,350.00
  3. Total = $6,000.00 + $1,350.00 = $7,350.00
2.Find the simple interest on $13,750.00 invested at 5% per year for 3 years. What is the total value at the end?

Answer: Interest $2,062.50; total $15,812.50

  1. I = P × r × n = $13,750.00 × 0.05 × 3
  2. = $2,062.50
  3. Total = $13,750.00 + $2,062.50 = $15,812.50
3.Find the simple interest on $14,500.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $2,610.00; total $17,110.00

  1. I = P × r × n = $14,500.00 × 0.045 × 4
  2. = $2,610.00
  3. Total = $14,500.00 + $2,610.00 = $17,110.00
4.Find the simple interest on $13,750.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $4,125.00; total $17,875.00

  1. I = P × r × n = $13,750.00 × 0.06 × 5
  2. = $4,125.00
  3. Total = $13,750.00 + $4,125.00 = $17,875.00
5.Find the simple interest on $7,000.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $3,360.00; total $10,360.00

  1. I = P × r × n = $7,000.00 × 0.08 × 6
  2. = $3,360.00
  3. Total = $7,000.00 + $3,360.00 = $10,360.00
6.Find the simple interest on $8,000.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,200.00; total $9,200.00

  1. I = P × r × n = $8,000.00 × 0.025 × 6
  2. = $1,200.00
  3. Total = $8,000.00 + $1,200.00 = $9,200.00
7.Find the simple interest on $12,250.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $2,940.00; total $15,190.00

  1. I = P × r × n = $12,250.00 × 0.08 × 3
  2. = $2,940.00
  3. Total = $12,250.00 + $2,940.00 = $15,190.00
8.Find the simple interest on $4,250.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $680.00; total $4,930.00

  1. I = P × r × n = $4,250.00 × 0.04 × 4
  2. = $680.00
  3. Total = $4,250.00 + $680.00 = $4,930.00
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