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Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — 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 3 — 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 $6,250.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $562.50; total $6,812.50

  1. I = P × r × n = $6,250.00 × 0.045 × 2
  2. = $562.50
  3. Total = $6,250.00 + $562.50 = $6,812.50
2.Find the simple interest on $14,500.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $1,305.00; total $15,805.00

  1. I = P × r × n = $14,500.00 × 0.045 × 2
  2. = $1,305.00
  3. Total = $14,500.00 + $1,305.00 = $15,805.00
3.Find the simple interest on $4,500.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $810.00; total $5,310.00

  1. I = P × r × n = $4,500.00 × 0.03 × 6
  2. = $810.00
  3. Total = $4,500.00 + $810.00 = $5,310.00
4.Find the simple interest on $13,500.00 invested at 4% per year for 3 years. What is the total value at the end?

Answer: Interest $1,620.00; total $15,120.00

  1. I = P × r × n = $13,500.00 × 0.04 × 3
  2. = $1,620.00
  3. Total = $13,500.00 + $1,620.00 = $15,120.00
5.Find the simple interest on $5,000.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $250.00; total $5,250.00

  1. I = P × r × n = $5,000.00 × 0.025 × 2
  2. = $250.00
  3. Total = $5,000.00 + $250.00 = $5,250.00
6.Find the simple interest on $4,750.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $356.25; total $5,106.25

  1. I = P × r × n = $4,750.00 × 0.025 × 3
  2. = $356.25
  3. Total = $4,750.00 + $356.25 = $5,106.25
7.Find the simple interest on $4,500.00 invested at 4.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,012.50; total $5,512.50

  1. I = P × r × n = $4,500.00 × 0.045 × 5
  2. = $1,012.50
  3. Total = $4,500.00 + $1,012.50 = $5,512.50
8.Find the simple interest on $1,000.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $90.00; total $1,090.00

  1. I = P × r × n = $1,000.00 × 0.03 × 3
  2. = $90.00
  3. Total = $1,000.00 + $90.00 = $1,090.00
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