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Year 11 Simple and Compound Interest Worksheet — Level 1 — Answers

Answer sheet with worked solutions for the Year 11 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 11 · Mathematics · Financial Mathematics

Year 11 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 $13,250.00 invested at 5% per year for 6 years. What is the total value at the end?

Answer: Interest $3,975.00; total $17,225.00

  1. I = P × r × n = $13,250.00 × 0.05 × 6
  2. = $3,975.00
  3. Total = $13,250.00 + $3,975.00 = $17,225.00
2.Find the simple interest on $8,250.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $495.00; total $8,745.00

  1. I = P × r × n = $8,250.00 × 0.02 × 3
  2. = $495.00
  3. Total = $8,250.00 + $495.00 = $8,745.00
3.Find the simple interest on $6,500.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $1,560.00; total $8,060.00

  1. I = P × r × n = $6,500.00 × 0.08 × 3
  2. = $1,560.00
  3. Total = $6,500.00 + $1,560.00 = $8,060.00
4.Find the simple interest on $5,250.00 invested at 4% per year for 3 years. What is the total value at the end?

Answer: Interest $630.00; total $5,880.00

  1. I = P × r × n = $5,250.00 × 0.04 × 3
  2. = $630.00
  3. Total = $5,250.00 + $630.00 = $5,880.00
5.Find the simple interest on $2,500.00 invested at 3% per year for 4 years. What is the total value at the end?

Answer: Interest $300.00; total $2,800.00

  1. I = P × r × n = $2,500.00 × 0.03 × 4
  2. = $300.00
  3. Total = $2,500.00 + $300.00 = $2,800.00
6.Find the simple interest on $5,250.00 invested at 5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,050.00; total $6,300.00

  1. I = P × r × n = $5,250.00 × 0.05 × 4
  2. = $1,050.00
  3. Total = $5,250.00 + $1,050.00 = $6,300.00
7.Find the simple interest on $10,000.00 invested at 2% per year for 5 years. What is the total value at the end?

Answer: Interest $1,000.00; total $11,000.00

  1. I = P × r × n = $10,000.00 × 0.02 × 5
  2. = $1,000.00
  3. Total = $10,000.00 + $1,000.00 = $11,000.00
8.Find the simple interest on $14,250.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $712.50; total $14,962.50

  1. I = P × r × n = $14,250.00 × 0.025 × 2
  2. = $712.50
  3. Total = $14,250.00 + $712.50 = $14,962.50
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