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Year 11 Simple and Compound Interest Worksheet — Level 1 — Answers

Answer sheet with worked solutions for the Year 11 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 11 · Mathematics · Financial Mathematics

Year 11 Simple and Compound Interest Worksheet — Level 1 — 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 $6,500.00 invested at 2% per year for 6 years. What is the total value at the end?

Answer: Interest $780.00; total $7,280.00

  1. I = P × r × n = $6,500.00 × 0.02 × 6
  2. = $780.00
  3. Total = $6,500.00 + $780.00 = $7,280.00
2.Find the simple interest on $11,750.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $5,640.00; total $17,390.00

  1. I = P × r × n = $11,750.00 × 0.08 × 6
  2. = $5,640.00
  3. Total = $11,750.00 + $5,640.00 = $17,390.00
3.Find the simple interest on $13,000.00 invested at 4% per year for 6 years. What is the total value at the end?

Answer: Interest $3,120.00; total $16,120.00

  1. I = P × r × n = $13,000.00 × 0.04 × 6
  2. = $3,120.00
  3. Total = $13,000.00 + $3,120.00 = $16,120.00
4.Find the simple interest on $7,000.00 invested at 3% per year for 4 years. What is the total value at the end?

Answer: Interest $840.00; total $7,840.00

  1. I = P × r × n = $7,000.00 × 0.03 × 4
  2. = $840.00
  3. Total = $7,000.00 + $840.00 = $7,840.00
5.Find the simple interest on $10,750.00 invested at 5% per year for 4 years. What is the total value at the end?

Answer: Interest $2,150.00; total $12,900.00

  1. I = P × r × n = $10,750.00 × 0.05 × 4
  2. = $2,150.00
  3. Total = $10,750.00 + $2,150.00 = $12,900.00
6.Find the simple interest on $3,250.00 invested at 6% per year for 6 years. What is the total value at the end?

Answer: Interest $1,170.00; total $4,420.00

  1. I = P × r × n = $3,250.00 × 0.06 × 6
  2. = $1,170.00
  3. Total = $3,250.00 + $1,170.00 = $4,420.00
7.Find the simple interest on $6,000.00 invested at 3% per year for 5 years. What is the total value at the end?

Answer: Interest $900.00; total $6,900.00

  1. I = P × r × n = $6,000.00 × 0.03 × 5
  2. = $900.00
  3. Total = $6,000.00 + $900.00 = $6,900.00
8.Find the simple interest on $1,750.00 invested at 6% per year for 2 years. What is the total value at the end?

Answer: Interest $210.00; total $1,960.00

  1. I = P × r × n = $1,750.00 × 0.06 × 2
  2. = $210.00
  3. Total = $1,750.00 + $210.00 = $1,960.00
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