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Year 9 Simple and Compound Interest Worksheet — Level 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 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 $8,500.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $2,295.00; total $10,795.00

  1. I = P × r × n = $8,500.00 × 0.045 × 6
  2. = $2,295.00
  3. Total = $8,500.00 + $2,295.00 = $10,795.00
2.$8,750.00 is invested at 3% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,561.36; interest $811.36

  1. A = P(1 + r)n = $8,750.00 × (1 + 0.03)3
  2. = $8,750.00 × 1.092727
  3. ≈ $9,561.36
  4. Interest = $9,561.36 − $8,750.00 = $811.36
3.$3,750.00 is invested at 2% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,979.53; interest $229.53

  1. A = P(1 + r)n = $3,750.00 × (1 + 0.02)3
  2. = $3,750.00 × 1.061208
  3. ≈ $3,979.53
  4. Interest = $3,979.53 − $3,750.00 = $229.53
4.Find the simple interest on $13,250.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $3,312.50; total $16,562.50

  1. I = P × r × n = $13,250.00 × 0.05 × 5
  2. = $3,312.50
  3. Total = $13,250.00 + $3,312.50 = $16,562.50
5.Find the simple interest on $14,750.00 invested at 6% per year for 3 years. What is the total value at the end?

Answer: Interest $2,655.00; total $17,405.00

  1. I = P × r × n = $14,750.00 × 0.06 × 3
  2. = $2,655.00
  3. Total = $14,750.00 + $2,655.00 = $17,405.00
6.$7,500.00 is invested at 3% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,694.56; interest $1,194.56

  1. A = P(1 + r)n = $7,500.00 × (1 + 0.03)5
  2. = $7,500.00 × 1.159274
  3. ≈ $8,694.56
  4. Interest = $8,694.56 − $7,500.00 = $1,194.56
7.Find the simple interest on $13,500.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $2,430.00; total $15,930.00

  1. I = P × r × n = $13,500.00 × 0.045 × 4
  2. = $2,430.00
  3. Total = $13,500.00 + $2,430.00 = $15,930.00
8.Find the simple interest on $8,500.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $425.00; total $8,925.00

  1. I = P × r × n = $8,500.00 × 0.025 × 2
  2. = $425.00
  3. Total = $8,500.00 + $425.00 = $8,925.00
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