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Year 11 Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — 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 4 — 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 $14,500.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $3,915.00; total $18,415.00

  1. I = P × r × n = $14,500.00 × 0.045 × 6
  2. = $3,915.00
  3. Total = $14,500.00 + $3,915.00 = $18,415.00
2.Find the simple interest on $13,500.00 invested at 4.5% per year for 5 years. What is the total value at the end?

Answer: Interest $3,037.50; total $16,537.50

  1. I = P × r × n = $13,500.00 × 0.045 × 5
  2. = $3,037.50
  3. Total = $13,500.00 + $3,037.50 = $16,537.50
3.Find the simple interest on $10,000.00 invested at 4% per year for 6 years. What is the total value at the end?

Answer: Interest $2,400.00; total $12,400.00

  1. I = P × r × n = $10,000.00 × 0.04 × 6
  2. = $2,400.00
  3. Total = $10,000.00 + $2,400.00 = $12,400.00
4.Find the simple interest on $13,750.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $4,125.00; total $17,875.00

  1. I = P × r × n = $13,750.00 × 0.06 × 5
  2. = $4,125.00
  3. Total = $13,750.00 + $4,125.00 = $17,875.00
5.Find the simple interest on $9,750.00 invested at 6% per year for 2 years. What is the total value at the end?

Answer: Interest $1,170.00; total $10,920.00

  1. I = P × r × n = $9,750.00 × 0.06 × 2
  2. = $1,170.00
  3. Total = $9,750.00 + $1,170.00 = $10,920.00
6.Find the simple interest on $3,500.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $315.00; total $3,815.00

  1. I = P × r × n = $3,500.00 × 0.03 × 3
  2. = $315.00
  3. Total = $3,500.00 + $315.00 = $3,815.00
7.Find the simple interest on $14,000.00 invested at 6% per year for 4 years. What is the total value at the end?

Answer: Interest $3,360.00; total $17,360.00

  1. I = P × r × n = $14,000.00 × 0.06 × 4
  2. = $3,360.00
  3. Total = $14,000.00 + $3,360.00 = $17,360.00
8.Find the simple interest on $4,500.00 invested at 3% per year for 4 years. What is the total value at the end?

Answer: Interest $540.00; total $5,040.00

  1. I = P × r × n = $4,500.00 × 0.03 × 4
  2. = $540.00
  3. Total = $4,500.00 + $540.00 = $5,040.00
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