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Year 10 Simple and Compound Interest Worksheet — Level 1 — Answers

Answer sheet with worked solutions for the Year 10 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 10 · Mathematics · Financial Mathematics

Year 10 Simple and Compound Interest Worksheet — Level 1 — 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 8% per year for 2 years. What is the total value at the end?

Answer: Interest $840.00; total $6,090.00

  1. I = P × r × n = $5,250.00 × 0.08 × 2
  2. = $840.00
  3. Total = $5,250.00 + $840.00 = $6,090.00
2.Find the simple interest on $12,500.00 invested at 8% per year for 4 years. What is the total value at the end?

Answer: Interest $4,000.00; total $16,500.00

  1. I = P × r × n = $12,500.00 × 0.08 × 4
  2. = $4,000.00
  3. Total = $12,500.00 + $4,000.00 = $16,500.00
3.Find the simple interest on $3,750.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $675.00; total $4,425.00

  1. I = P × r × n = $3,750.00 × 0.03 × 6
  2. = $675.00
  3. Total = $3,750.00 + $675.00 = $4,425.00
4.Find the simple interest on $11,000.00 invested at 2% per year for 6 years. What is the total value at the end?

Answer: Interest $1,320.00; total $12,320.00

  1. I = P × r × n = $11,000.00 × 0.02 × 6
  2. = $1,320.00
  3. Total = $11,000.00 + $1,320.00 = $12,320.00
5.Find the simple interest on $1,750.00 invested at 8% per year for 4 years. What is the total value at the end?

Answer: Interest $560.00; total $2,310.00

  1. I = P × r × n = $1,750.00 × 0.08 × 4
  2. = $560.00
  3. Total = $1,750.00 + $560.00 = $2,310.00
6.Find the simple interest on $2,000.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $600.00; total $2,600.00

  1. I = P × r × n = $2,000.00 × 0.06 × 5
  2. = $600.00
  3. Total = $2,000.00 + $600.00 = $2,600.00
7.Find the simple interest on $6,500.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,755.00; total $8,255.00

  1. I = P × r × n = $6,500.00 × 0.045 × 6
  2. = $1,755.00
  3. Total = $6,500.00 + $1,755.00 = $8,255.00
8.Find the simple interest on $14,250.00 invested at 4% per year for 3 years. What is the total value at the end?

Answer: Interest $1,710.00; total $15,960.00

  1. I = P × r × n = $14,250.00 × 0.04 × 3
  2. = $1,710.00
  3. Total = $14,250.00 + $1,710.00 = $15,960.00
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