Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — 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 4 — 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 $1,250.00 invested at 8% per year for 2 years. What is the total value at the end?
Answer: Interest $200.00; total $1,450.00
- I = P × r × n = $1,250.00 × 0.08 × 2
- = $200.00
- Total = $1,250.00 + $200.00 = $1,450.00
2.Find the simple interest on $1,750.00 invested at 6% per year for 6 years. What is the total value at the end?
Answer: Interest $630.00; total $2,380.00
- I = P × r × n = $1,750.00 × 0.06 × 6
- = $630.00
- Total = $1,750.00 + $630.00 = $2,380.00
3.Find the simple interest on $12,250.00 invested at 5% per year for 3 years. What is the total value at the end?
Answer: Interest $1,837.50; total $14,087.50
- I = P × r × n = $12,250.00 × 0.05 × 3
- = $1,837.50
- Total = $12,250.00 + $1,837.50 = $14,087.50
4.Find the simple interest on $10,250.00 invested at 8% per year for 5 years. What is the total value at the end?
Answer: Interest $4,100.00; total $14,350.00
- I = P × r × n = $10,250.00 × 0.08 × 5
- = $4,100.00
- Total = $10,250.00 + $4,100.00 = $14,350.00
5.Find the simple interest on $8,500.00 invested at 3% per year for 2 years. What is the total value at the end?
Answer: Interest $510.00; total $9,010.00
- I = P × r × n = $8,500.00 × 0.03 × 2
- = $510.00
- Total = $8,500.00 + $510.00 = $9,010.00
6.Find the simple interest on $13,750.00 invested at 2.5% per year for 2 years. What is the total value at the end?
Answer: Interest $687.50; total $14,437.50
- I = P × r × n = $13,750.00 × 0.025 × 2
- = $687.50
- Total = $13,750.00 + $687.50 = $14,437.50
7.Find the simple interest on $6,250.00 invested at 5% per year for 2 years. What is the total value at the end?
Answer: Interest $625.00; total $6,875.00
- I = P × r × n = $6,250.00 × 0.05 × 2
- = $625.00
- Total = $6,250.00 + $625.00 = $6,875.00
8.Find the simple interest on $1,500.00 invested at 4.5% per year for 2 years. What is the total value at the end?
Answer: Interest $135.00; total $1,635.00
- I = P × r × n = $1,500.00 × 0.045 × 2
- = $135.00
- Total = $1,500.00 + $135.00 = $1,635.00
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