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Year 11 Simple and Compound Interest Worksheet — Level 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 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 $12,750.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $956.25; total $13,706.25

  1. I = P × r × n = $12,750.00 × 0.025 × 3
  2. = $956.25
  3. Total = $12,750.00 + $956.25 = $13,706.25
2.Find the simple interest on $1,250.00 invested at 4% per year for 3 years. What is the total value at the end?

Answer: Interest $150.00; total $1,400.00

  1. I = P × r × n = $1,250.00 × 0.04 × 3
  2. = $150.00
  3. Total = $1,250.00 + $150.00 = $1,400.00
3.Find the simple interest on $4,000.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $160.00; total $4,160.00

  1. I = P × r × n = $4,000.00 × 0.02 × 2
  2. = $160.00
  3. Total = $4,000.00 + $160.00 = $4,160.00
4.Find the simple interest on $8,000.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $640.00; total $8,640.00

  1. I = P × r × n = $8,000.00 × 0.04 × 2
  2. = $640.00
  3. Total = $8,000.00 + $640.00 = $8,640.00
5.Find the simple interest on $5,750.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $2,760.00; total $8,510.00

  1. I = P × r × n = $5,750.00 × 0.08 × 6
  2. = $2,760.00
  3. Total = $5,750.00 + $2,760.00 = $8,510.00
6.$7,250.00 is invested at 5% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,812.42; interest $1,562.42

  1. A = P(1 + r)n = $7,250.00 × (1 + 0.05)4
  2. = $7,250.00 × 1.215506
  3. ≈ $8,812.42
  4. Interest = $8,812.42 − $7,250.00 = $1,562.42
7.$10,250.00 is invested at 4.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $12,773.36; interest $2,523.36

  1. A = P(1 + r)n = $10,250.00 × (1 + 0.045)5
  2. = $10,250.00 × 1.246182
  3. ≈ $12,773.36
  4. Interest = $12,773.36 − $10,250.00 = $2,523.36
8.$5,000.00 is invested at 3% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $5,627.54; interest $627.54

  1. A = P(1 + r)n = $5,000.00 × (1 + 0.03)4
  2. = $5,000.00 × 1.125509
  3. ≈ $5,627.54
  4. Interest = $5,627.54 − $5,000.00 = $627.54
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