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Year 10 Simple and Compound Interest Worksheet — Level 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 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 $7,000.00 invested at 6% per year for 3 years. What is the total value at the end?

Answer: Interest $1,260.00; total $8,260.00

  1. I = P × r × n = $7,000.00 × 0.06 × 3
  2. = $1,260.00
  3. Total = $7,000.00 + $1,260.00 = $8,260.00
2.Find the simple interest on $1,000.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $60.00; total $1,060.00

  1. I = P × r × n = $1,000.00 × 0.02 × 3
  2. = $60.00
  3. Total = $1,000.00 + $60.00 = $1,060.00
3.Find the simple interest on $1,750.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $350.00; total $2,100.00

  1. I = P × r × n = $1,750.00 × 0.04 × 5
  2. = $350.00
  3. Total = $1,750.00 + $350.00 = $2,100.00
4.Find the simple interest on $11,000.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $990.00; total $11,990.00

  1. I = P × r × n = $11,000.00 × 0.03 × 3
  2. = $990.00
  3. Total = $11,000.00 + $990.00 = $11,990.00
5.Find the simple interest on $12,500.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,875.00; total $14,375.00

  1. I = P × r × n = $12,500.00 × 0.025 × 6
  2. = $1,875.00
  3. Total = $12,500.00 + $1,875.00 = $14,375.00
6.$8,750.00 is invested at 4% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $10,236.26; interest $1,486.26

  1. A = P(1 + r)n = $8,750.00 × (1 + 0.04)4
  2. = $8,750.00 × 1.169859
  3. ≈ $10,236.26
  4. Interest = $10,236.26 − $8,750.00 = $1,486.26
7.$2,750.00 is invested at 2% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,036.22; interest $286.22

  1. A = P(1 + r)n = $2,750.00 × (1 + 0.02)5
  2. = $2,750.00 × 1.104081
  3. ≈ $3,036.22
  4. Interest = $3,036.22 − $2,750.00 = $286.22
8.$5,750.00 is invested at 5% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $6,339.38; interest $589.38

  1. A = P(1 + r)n = $5,750.00 × (1 + 0.05)2
  2. = $5,750.00 × 1.1025
  3. ≈ $6,339.38
  4. Interest = $6,339.38 − $5,750.00 = $589.38
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