Year 9 Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — Answers
Answer sheet with worked solutions for the Year 9 financial mathematics worksheet.
Success TutoringWorksheetsAnswer sheetYear 9 · Mathematics · Financial MathematicsYear 9 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 $4,000.00 invested at 2.5% per year for 6 years. What is the total value at the end?
Answer: Interest $600.00; total $4,600.00
- I = P × r × n = $4,000.00 × 0.025 × 6
- = $600.00
- Total = $4,000.00 + $600.00 = $4,600.00
2.Find the simple interest on $9,750.00 invested at 8% per year for 4 years. What is the total value at the end?
Answer: Interest $3,120.00; total $12,870.00
- I = P × r × n = $9,750.00 × 0.08 × 4
- = $3,120.00
- Total = $9,750.00 + $3,120.00 = $12,870.00
3.Find the simple interest on $5,250.00 invested at 4% per year for 5 years. What is the total value at the end?
Answer: Interest $1,050.00; total $6,300.00
- I = P × r × n = $5,250.00 × 0.04 × 5
- = $1,050.00
- Total = $5,250.00 + $1,050.00 = $6,300.00
4.Find the simple interest on $11,750.00 invested at 2% per year for 5 years. What is the total value at the end?
Answer: Interest $1,175.00; total $12,925.00
- I = P × r × n = $11,750.00 × 0.02 × 5
- = $1,175.00
- Total = $11,750.00 + $1,175.00 = $12,925.00
5.Find the simple interest on $7,500.00 invested at 2.5% per year for 2 years. What is the total value at the end?
Answer: Interest $375.00; total $7,875.00
- I = P × r × n = $7,500.00 × 0.025 × 2
- = $375.00
- Total = $7,500.00 + $375.00 = $7,875.00
6.Find the simple interest on $5,000.00 invested at 2% per year for 3 years. What is the total value at the end?
Answer: Interest $300.00; total $5,300.00
- I = P × r × n = $5,000.00 × 0.02 × 3
- = $300.00
- Total = $5,000.00 + $300.00 = $5,300.00
7.Find the simple interest on $12,000.00 invested at 2% per year for 4 years. What is the total value at the end?
Answer: Interest $960.00; total $12,960.00
- I = P × r × n = $12,000.00 × 0.02 × 4
- = $960.00
- Total = $12,000.00 + $960.00 = $12,960.00
8.Find the simple interest on $12,750.00 invested at 2.5% per year for 5 years. What is the total value at the end?
Answer: Interest $1,593.75; total $14,343.75
- I = P × r × n = $12,750.00 × 0.025 × 5
- = $1,593.75
- Total = $12,750.00 + $1,593.75 = $14,343.75
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