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Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — 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 — 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 $4,500.00 invested at 2% per year for 6 years. What is the total value at the end?

Answer: Interest $540.00; total $5,040.00

  1. I = P × r × n = $4,500.00 × 0.02 × 6
  2. = $540.00
  3. Total = $4,500.00 + $540.00 = $5,040.00
2.Find the simple interest on $3,250.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $585.00; total $3,835.00

  1. I = P × r × n = $3,250.00 × 0.045 × 4
  2. = $585.00
  3. Total = $3,250.00 + $585.00 = $3,835.00
3.Find the simple interest on $6,500.00 invested at 4.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,462.50; total $7,962.50

  1. I = P × r × n = $6,500.00 × 0.045 × 5
  2. = $1,462.50
  3. Total = $6,500.00 + $1,462.50 = $7,962.50
4.Find the simple interest on $5,750.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $862.50; total $6,612.50

  1. I = P × r × n = $5,750.00 × 0.025 × 6
  2. = $862.50
  3. Total = $5,750.00 + $862.50 = $6,612.50
5.Find the simple interest on $14,500.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $4,350.00; total $18,850.00

  1. I = P × r × n = $14,500.00 × 0.06 × 5
  2. = $4,350.00
  3. Total = $14,500.00 + $4,350.00 = $18,850.00
6.Find the simple interest on $14,000.00 invested at 2% per year for 4 years. What is the total value at the end?

Answer: Interest $1,120.00; total $15,120.00

  1. I = P × r × n = $14,000.00 × 0.02 × 4
  2. = $1,120.00
  3. Total = $14,000.00 + $1,120.00 = $15,120.00
7.Find the simple interest on $12,000.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,500.00; total $13,500.00

  1. I = P × r × n = $12,000.00 × 0.025 × 5
  2. = $1,500.00
  3. Total = $12,000.00 + $1,500.00 = $13,500.00
8.Find the simple interest on $9,750.00 invested at 2% per year for 6 years. What is the total value at the end?

Answer: Interest $1,170.00; total $10,920.00

  1. I = P × r × n = $9,750.00 × 0.02 × 6
  2. = $1,170.00
  3. Total = $9,750.00 + $1,170.00 = $10,920.00
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