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Year 11 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — 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 3 — 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 $9,000.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $675.00; total $9,675.00

  1. I = P × r × n = $9,000.00 × 0.025 × 3
  2. = $675.00
  3. Total = $9,000.00 + $675.00 = $9,675.00
2.Find the simple interest on $12,500.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $2,000.00; total $14,500.00

  1. I = P × r × n = $12,500.00 × 0.08 × 2
  2. = $2,000.00
  3. Total = $12,500.00 + $2,000.00 = $14,500.00
3.Find the simple interest on $4,750.00 invested at 6% per year for 6 years. What is the total value at the end?

Answer: Interest $1,710.00; total $6,460.00

  1. I = P × r × n = $4,750.00 × 0.06 × 6
  2. = $1,710.00
  3. Total = $4,750.00 + $1,710.00 = $6,460.00
4.Find the simple interest on $13,000.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $520.00; total $13,520.00

  1. I = P × r × n = $13,000.00 × 0.02 × 2
  2. = $520.00
  3. Total = $13,000.00 + $520.00 = $13,520.00
5.Find the simple interest on $1,750.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $70.00; total $1,820.00

  1. I = P × r × n = $1,750.00 × 0.02 × 2
  2. = $70.00
  3. Total = $1,750.00 + $70.00 = $1,820.00
6.Find the simple interest on $3,000.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $120.00; total $3,120.00

  1. I = P × r × n = $3,000.00 × 0.02 × 2
  2. = $120.00
  3. Total = $3,000.00 + $120.00 = $3,120.00
7.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
8.Find the simple interest on $2,500.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $150.00; total $2,650.00

  1. I = P × r × n = $2,500.00 × 0.02 × 3
  2. = $150.00
  3. Total = $2,500.00 + $150.00 = $2,650.00
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