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Year 10 Simple and Compound Interest Worksheet — Level 2 — Practice Set 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 — 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 $13,250.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $2,385.00; total $15,635.00

  1. I = P × r × n = $13,250.00 × 0.03 × 6
  2. = $2,385.00
  3. Total = $13,250.00 + $2,385.00 = $15,635.00
2.$3,750.00 is invested at 6% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $5,319.45; interest $1,569.45

  1. A = P(1 + r)n = $3,750.00 × (1 + 0.06)6
  2. = $3,750.00 × 1.418519
  3. ≈ $5,319.45
  4. Interest = $5,319.45 − $3,750.00 = $1,569.45
3.Find the simple interest on $11,500.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $3,105.00; total $14,605.00

  1. I = P × r × n = $11,500.00 × 0.045 × 6
  2. = $3,105.00
  3. Total = $11,500.00 + $3,105.00 = $14,605.00
4.Find the simple interest on $3,500.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $525.00; total $4,025.00

  1. I = P × r × n = $3,500.00 × 0.025 × 6
  2. = $525.00
  3. Total = $3,500.00 + $525.00 = $4,025.00
5.Find the simple interest on $5,500.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,485.00; total $6,985.00

  1. I = P × r × n = $5,500.00 × 0.045 × 6
  2. = $1,485.00
  3. Total = $5,500.00 + $1,485.00 = $6,985.00
6.Find the simple interest on $13,750.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $3,437.50; total $17,187.50

  1. I = P × r × n = $13,750.00 × 0.05 × 5
  2. = $3,437.50
  3. Total = $13,750.00 + $3,437.50 = $17,187.50
7.Find the simple interest on $13,250.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $2,120.00; total $15,370.00

  1. I = P × r × n = $13,250.00 × 0.04 × 4
  2. = $2,120.00
  3. Total = $13,250.00 + $2,120.00 = $15,370.00
8.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

  1. I = P × r × n = $6,250.00 × 0.05 × 2
  2. = $625.00
  3. Total = $6,250.00 + $625.00 = $6,875.00
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