Year 11 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — Answers
Answer sheet with worked solutions for the Year 11 financial mathematics worksheet.
Success TutoringWorksheetsAnswer sheetYear 11 · Mathematics · Financial MathematicsYear 11 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 $8,000.00 invested at 4% per year for 5 years. What is the total value at the end?
Answer: Interest $1,600.00; total $9,600.00
- I = P × r × n = $8,000.00 × 0.04 × 5
- = $1,600.00
- Total = $8,000.00 + $1,600.00 = $9,600.00
2.Find the simple interest on $10,750.00 invested at 2% per year for 3 years. What is the total value at the end?
Answer: Interest $645.00; total $11,395.00
- I = P × r × n = $10,750.00 × 0.02 × 3
- = $645.00
- Total = $10,750.00 + $645.00 = $11,395.00
3.Find the simple interest on $12,250.00 invested at 8% per year for 5 years. What is the total value at the end?
Answer: Interest $4,900.00; total $17,150.00
- I = P × r × n = $12,250.00 × 0.08 × 5
- = $4,900.00
- Total = $12,250.00 + $4,900.00 = $17,150.00
4.Find the simple interest on $10,750.00 invested at 4% per year for 5 years. What is the total value at the end?
Answer: Interest $2,150.00; total $12,900.00
- I = P × r × n = $10,750.00 × 0.04 × 5
- = $2,150.00
- Total = $10,750.00 + $2,150.00 = $12,900.00
5.Find the simple interest on $7,250.00 invested at 4% per year for 5 years. What is the total value at the end?
Answer: Interest $1,450.00; total $8,700.00
- I = P × r × n = $7,250.00 × 0.04 × 5
- = $1,450.00
- Total = $7,250.00 + $1,450.00 = $8,700.00
6.Find the simple interest on $5,750.00 invested at 4.5% per year for 6 years. What is the total value at the end?
Answer: Interest $1,552.50; total $7,302.50
- I = P × r × n = $5,750.00 × 0.045 × 6
- = $1,552.50
- Total = $5,750.00 + $1,552.50 = $7,302.50
7.Find the simple interest on $14,000.00 invested at 2.5% per year for 4 years. What is the total value at the end?
Answer: Interest $1,400.00; total $15,400.00
- I = P × r × n = $14,000.00 × 0.025 × 4
- = $1,400.00
- Total = $14,000.00 + $1,400.00 = $15,400.00
8.Find the simple interest on $7,250.00 invested at 3% per year for 5 years. What is the total value at the end?
Answer: Interest $1,087.50; total $8,337.50
- I = P × r × n = $7,250.00 × 0.03 × 5
- = $1,087.50
- Total = $7,250.00 + $1,087.50 = $8,337.50
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