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Year 10 Simple and Compound Interest Worksheet — Level 2 — 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 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 $1,000.00 invested at 4% per year for 6 years. What is the total value at the end?

Answer: Interest $240.00; total $1,240.00

  1. I = P × r × n = $1,000.00 × 0.04 × 6
  2. = $240.00
  3. Total = $1,000.00 + $240.00 = $1,240.00
2.Find the simple interest on $9,750.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $2,340.00; total $12,090.00

  1. I = P × r × n = $9,750.00 × 0.08 × 3
  2. = $2,340.00
  3. Total = $9,750.00 + $2,340.00 = $12,090.00
3.Find the simple interest on $6,000.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $540.00; total $6,540.00

  1. I = P × r × n = $6,000.00 × 0.045 × 2
  2. = $540.00
  3. Total = $6,000.00 + $540.00 = $6,540.00
4.$4,000.00 is invested at 2% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $4,416.32; interest $416.32

  1. A = P(1 + r)n = $4,000.00 × (1 + 0.02)5
  2. = $4,000.00 × 1.104081
  3. ≈ $4,416.32
  4. Interest = $4,416.32 − $4,000.00 = $416.32
5.Find the simple interest on $8,500.00 invested at 4% per year for 6 years. What is the total value at the end?

Answer: Interest $2,040.00; total $10,540.00

  1. I = P × r × n = $8,500.00 × 0.04 × 6
  2. = $2,040.00
  3. Total = $8,500.00 + $2,040.00 = $10,540.00
6.$5,500.00 is invested at 6% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $6,179.80; interest $679.80

  1. A = P(1 + r)n = $5,500.00 × (1 + 0.06)2
  2. = $5,500.00 × 1.1236
  3. ≈ $6,179.80
  4. Interest = $6,179.80 − $5,500.00 = $679.80
7.Find the simple interest on $7,250.00 invested at 8% per year for 4 years. What is the total value at the end?

Answer: Interest $2,320.00; total $9,570.00

  1. I = P × r × n = $7,250.00 × 0.08 × 4
  2. = $2,320.00
  3. Total = $7,250.00 + $2,320.00 = $9,570.00
8.Find the simple interest on $7,750.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $2,325.00; total $10,075.00

  1. I = P × r × n = $7,750.00 × 0.06 × 5
  2. = $2,325.00
  3. Total = $7,750.00 + $2,325.00 = $10,075.00
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