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Year 9 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — 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 — 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 $9,250.00 invested at 4.5% per year for 5 years. What is the total value at the end?

Answer: Interest $2,081.25; total $11,331.25

  1. I = P × r × n = $9,250.00 × 0.045 × 5
  2. = $2,081.25
  3. Total = $9,250.00 + $2,081.25 = $11,331.25
2.Find the simple interest on $12,750.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,275.00; total $14,025.00

  1. I = P × r × n = $12,750.00 × 0.025 × 4
  2. = $1,275.00
  3. Total = $12,750.00 + $1,275.00 = $14,025.00
3.Find the simple interest on $4,000.00 invested at 2% per year for 4 years. What is the total value at the end?

Answer: Interest $320.00; total $4,320.00

  1. I = P × r × n = $4,000.00 × 0.02 × 4
  2. = $320.00
  3. Total = $4,000.00 + $320.00 = $4,320.00
4.Find the simple interest on $8,000.00 invested at 4.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,800.00; total $9,800.00

  1. I = P × r × n = $8,000.00 × 0.045 × 5
  2. = $1,800.00
  3. Total = $8,000.00 + $1,800.00 = $9,800.00
5.Find the simple interest on $13,000.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,625.00; total $14,625.00

  1. I = P × r × n = $13,000.00 × 0.025 × 5
  2. = $1,625.00
  3. Total = $13,000.00 + $1,625.00 = $14,625.00
6.Find the simple interest on $1,750.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $472.50; total $2,222.50

  1. I = P × r × n = $1,750.00 × 0.045 × 6
  2. = $472.50
  3. Total = $1,750.00 + $472.50 = $2,222.50
7.Find the simple interest on $15,000.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $4,050.00; total $19,050.00

  1. I = P × r × n = $15,000.00 × 0.045 × 6
  2. = $4,050.00
  3. Total = $15,000.00 + $4,050.00 = $19,050.00
8.Find the simple interest on $5,750.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $920.00; total $6,670.00

  1. I = P × r × n = $5,750.00 × 0.04 × 4
  2. = $920.00
  3. Total = $5,750.00 + $920.00 = $6,670.00
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