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Year 9 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — 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 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 $5,250.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $1,575.00; total $6,825.00

  1. I = P × r × n = $5,250.00 × 0.06 × 5
  2. = $1,575.00
  3. Total = $5,250.00 + $1,575.00 = $6,825.00
2.Find the simple interest on $4,250.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $318.75; total $4,568.75

  1. I = P × r × n = $4,250.00 × 0.025 × 3
  2. = $318.75
  3. Total = $4,250.00 + $318.75 = $4,568.75
3.Find the simple interest on $5,750.00 invested at 3% per year for 2 years. What is the total value at the end?

Answer: Interest $345.00; total $6,095.00

  1. I = P × r × n = $5,750.00 × 0.03 × 2
  2. = $345.00
  3. Total = $5,750.00 + $345.00 = $6,095.00
4.Find the simple interest on $13,500.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $4,050.00; total $17,550.00

  1. I = P × r × n = $13,500.00 × 0.06 × 5
  2. = $4,050.00
  3. Total = $13,500.00 + $4,050.00 = $17,550.00
5.Find the simple interest on $9,500.00 invested at 2% per year for 4 years. What is the total value at the end?

Answer: Interest $760.00; total $10,260.00

  1. I = P × r × n = $9,500.00 × 0.02 × 4
  2. = $760.00
  3. Total = $9,500.00 + $760.00 = $10,260.00
6.Find the simple interest on $13,000.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $3,250.00; total $16,250.00

  1. I = P × r × n = $13,000.00 × 0.05 × 5
  2. = $3,250.00
  3. Total = $13,000.00 + $3,250.00 = $16,250.00
7.Find the simple interest on $10,750.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $430.00; total $11,180.00

  1. I = P × r × n = $10,750.00 × 0.02 × 2
  2. = $430.00
  3. Total = $10,750.00 + $430.00 = $11,180.00
8.Find the simple interest on $6,000.00 invested at 8% per year for 5 years. What is the total value at the end?

Answer: Interest $2,400.00; total $8,400.00

  1. I = P × r × n = $6,000.00 × 0.08 × 5
  2. = $2,400.00
  3. Total = $6,000.00 + $2,400.00 = $8,400.00
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