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Year 9 Simple and Compound Interest Worksheet — Level 1 — Answers

Answer sheet with worked solutions for the Year 9 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 9 · Mathematics · Financial Mathematics

Year 9 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 $3,500.00 invested at 5% per year for 4 years. What is the total value at the end?

Answer: Interest $700.00; total $4,200.00

  1. I = P × r × n = $3,500.00 × 0.05 × 4
  2. = $700.00
  3. Total = $3,500.00 + $700.00 = $4,200.00
2.Find the simple interest on $10,500.00 invested at 5% per year for 3 years. What is the total value at the end?

Answer: Interest $1,575.00; total $12,075.00

  1. I = P × r × n = $10,500.00 × 0.05 × 3
  2. = $1,575.00
  3. Total = $10,500.00 + $1,575.00 = $12,075.00
3.Find the simple interest on $8,500.00 invested at 4.5% per year for 3 years. What is the total value at the end?

Answer: Interest $1,147.50; total $9,647.50

  1. I = P × r × n = $8,500.00 × 0.045 × 3
  2. = $1,147.50
  3. Total = $8,500.00 + $1,147.50 = $9,647.50
4.Find the simple interest on $2,750.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $247.50; total $2,997.50

  1. I = P × r × n = $2,750.00 × 0.03 × 3
  2. = $247.50
  3. Total = $2,750.00 + $247.50 = $2,997.50
5.Find the simple interest on $11,750.00 invested at 6% per year for 2 years. What is the total value at the end?

Answer: Interest $1,410.00; total $13,160.00

  1. I = P × r × n = $11,750.00 × 0.06 × 2
  2. = $1,410.00
  3. Total = $11,750.00 + $1,410.00 = $13,160.00
6.Find the simple interest on $3,000.00 invested at 3% per year for 5 years. What is the total value at the end?

Answer: Interest $450.00; total $3,450.00

  1. I = P × r × n = $3,000.00 × 0.03 × 5
  2. = $450.00
  3. Total = $3,000.00 + $450.00 = $3,450.00
7.Find the simple interest on $2,500.00 invested at 8% per year for 5 years. What is the total value at the end?

Answer: Interest $1,000.00; total $3,500.00

  1. I = P × r × n = $2,500.00 × 0.08 × 5
  2. = $1,000.00
  3. Total = $2,500.00 + $1,000.00 = $3,500.00
8.Find the simple interest on $6,500.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $3,120.00; total $9,620.00

  1. I = P × r × n = $6,500.00 × 0.08 × 6
  2. = $3,120.00
  3. Total = $6,500.00 + $3,120.00 = $9,620.00
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