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Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — 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 4 — 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 $12,500.00 invested at 6% per year for 3 years. What is the total value at the end?

Answer: Interest $2,250.00; total $14,750.00

  1. I = P × r × n = $12,500.00 × 0.06 × 3
  2. = $2,250.00
  3. Total = $12,500.00 + $2,250.00 = $14,750.00
2.Find the simple interest on $6,000.00 invested at 4% per year for 6 years. What is the total value at the end?

Answer: Interest $1,440.00; total $7,440.00

  1. I = P × r × n = $6,000.00 × 0.04 × 6
  2. = $1,440.00
  3. Total = $6,000.00 + $1,440.00 = $7,440.00
3.Find the simple interest on $9,000.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $900.00; total $9,900.00

  1. I = P × r × n = $9,000.00 × 0.025 × 4
  2. = $900.00
  3. Total = $9,000.00 + $900.00 = $9,900.00
4.Find the simple interest on $2,500.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $450.00; total $2,950.00

  1. I = P × r × n = $2,500.00 × 0.045 × 4
  2. = $450.00
  3. Total = $2,500.00 + $450.00 = $2,950.00
5.Find the simple interest on $15,000.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $4,500.00; total $19,500.00

  1. I = P × r × n = $15,000.00 × 0.06 × 5
  2. = $4,500.00
  3. Total = $15,000.00 + $4,500.00 = $19,500.00
6.Find the simple interest on $9,250.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $1,480.00; total $10,730.00

  1. I = P × r × n = $9,250.00 × 0.08 × 2
  2. = $1,480.00
  3. Total = $9,250.00 + $1,480.00 = $10,730.00
7.Find the simple interest on $1,750.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $437.50; total $2,187.50

  1. I = P × r × n = $1,750.00 × 0.05 × 5
  2. = $437.50
  3. Total = $1,750.00 + $437.50 = $2,187.50
8.Find the simple interest on $13,250.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $993.75; total $14,243.75

  1. I = P × r × n = $13,250.00 × 0.025 × 3
  2. = $993.75
  3. Total = $13,250.00 + $993.75 = $14,243.75
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