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Year 11 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — 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 — 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 $4,000.00 invested at 2% per year for 6 years. What is the total value at the end?

Answer: Interest $480.00; total $4,480.00

  1. I = P × r × n = $4,000.00 × 0.02 × 6
  2. = $480.00
  3. Total = $4,000.00 + $480.00 = $4,480.00
2.Find the simple interest on $5,750.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $517.50; total $6,267.50

  1. I = P × r × n = $5,750.00 × 0.045 × 2
  2. = $517.50
  3. Total = $5,750.00 + $517.50 = $6,267.50
3.Find the simple interest on $11,500.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $690.00; total $12,190.00

  1. I = P × r × n = $11,500.00 × 0.02 × 3
  2. = $690.00
  3. Total = $11,500.00 + $690.00 = $12,190.00
4.Find the simple interest on $5,000.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $400.00; total $5,400.00

  1. I = P × r × n = $5,000.00 × 0.04 × 2
  2. = $400.00
  3. Total = $5,000.00 + $400.00 = $5,400.00
5.Find the simple interest on $6,750.00 invested at 5% per year for 6 years. What is the total value at the end?

Answer: Interest $2,025.00; total $8,775.00

  1. I = P × r × n = $6,750.00 × 0.05 × 6
  2. = $2,025.00
  3. Total = $6,750.00 + $2,025.00 = $8,775.00
6.Find the simple interest on $7,500.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $300.00; total $7,800.00

  1. I = P × r × n = $7,500.00 × 0.02 × 2
  2. = $300.00
  3. Total = $7,500.00 + $300.00 = $7,800.00
7.Find the simple interest on $13,250.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $3,577.50; total $16,827.50

  1. I = P × r × n = $13,250.00 × 0.045 × 6
  2. = $3,577.50
  3. Total = $13,250.00 + $3,577.50 = $16,827.50
8.Find the simple interest on $7,750.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $581.25; total $8,331.25

  1. I = P × r × n = $7,750.00 × 0.025 × 3
  2. = $581.25
  3. Total = $7,750.00 + $581.25 = $8,331.25
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