Year 9 Simple and Compound Interest Worksheet — Level 2 — Practice Set 2 — 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 2 — 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 $4,750.00 invested at 8% per year for 3 years. What is the total value at the end?
Answer: Interest $1,140.00; total $5,890.00
- I = P × r × n = $4,750.00 × 0.08 × 3
- = $1,140.00
- Total = $4,750.00 + $1,140.00 = $5,890.00
2.Find the simple interest on $5,750.00 invested at 6% per year for 5 years. What is the total value at the end?
Answer: Interest $1,725.00; total $7,475.00
- I = P × r × n = $5,750.00 × 0.06 × 5
- = $1,725.00
- Total = $5,750.00 + $1,725.00 = $7,475.00
3.Find the simple interest on $9,750.00 invested at 2.5% per year for 4 years. What is the total value at the end?
Answer: Interest $975.00; total $10,725.00
- I = P × r × n = $9,750.00 × 0.025 × 4
- = $975.00
- Total = $9,750.00 + $975.00 = $10,725.00
4.Find the simple interest on $9,000.00 invested at 2% per year for 2 years. What is the total value at the end?
Answer: Interest $360.00; total $9,360.00
- I = P × r × n = $9,000.00 × 0.02 × 2
- = $360.00
- Total = $9,000.00 + $360.00 = $9,360.00
5.Find the simple interest on $15,000.00 invested at 4% per year for 2 years. What is the total value at the end?
Answer: Interest $1,200.00; total $16,200.00
- I = P × r × n = $15,000.00 × 0.04 × 2
- = $1,200.00
- Total = $15,000.00 + $1,200.00 = $16,200.00
6.Find the simple interest on $10,000.00 invested at 4% per year for 2 years. What is the total value at the end?
Answer: Interest $800.00; total $10,800.00
- I = P × r × n = $10,000.00 × 0.04 × 2
- = $800.00
- Total = $10,000.00 + $800.00 = $10,800.00
7.Find the simple interest on $8,750.00 invested at 2.5% per year for 6 years. What is the total value at the end?
Answer: Interest $1,312.50; total $10,062.50
- I = P × r × n = $8,750.00 × 0.025 × 6
- = $1,312.50
- Total = $8,750.00 + $1,312.50 = $10,062.50
8.Find the simple interest on $6,500.00 invested at 6% per year for 6 years. What is the total value at the end?
Answer: Interest $2,340.00; total $8,840.00
- I = P × r × n = $6,500.00 × 0.06 × 6
- = $2,340.00
- Total = $6,500.00 + $2,340.00 = $8,840.00
Marking tips
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