Year 11 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — 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 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 $8,000.00 invested at 4% per year for 2 years. What is the total value at the end?
Answer: Interest $640.00; total $8,640.00
- I = P × r × n = $8,000.00 × 0.04 × 2
- = $640.00
- Total = $8,000.00 + $640.00 = $8,640.00
2.Find the simple interest on $11,000.00 invested at 4.5% per year for 2 years. What is the total value at the end?
Answer: Interest $990.00; total $11,990.00
- I = P × r × n = $11,000.00 × 0.045 × 2
- = $990.00
- Total = $11,000.00 + $990.00 = $11,990.00
3.Find the simple interest on $3,750.00 invested at 2.5% per year for 6 years. What is the total value at the end?
Answer: Interest $562.50; total $4,312.50
- I = P × r × n = $3,750.00 × 0.025 × 6
- = $562.50
- Total = $3,750.00 + $562.50 = $4,312.50
4.Find the simple interest on $7,000.00 invested at 3% per year for 5 years. What is the total value at the end?
Answer: Interest $1,050.00; total $8,050.00
- I = P × r × n = $7,000.00 × 0.03 × 5
- = $1,050.00
- Total = $7,000.00 + $1,050.00 = $8,050.00
5.Find the simple interest on $10,250.00 invested at 4% per year for 5 years. What is the total value at the end?
Answer: Interest $2,050.00; total $12,300.00
- I = P × r × n = $10,250.00 × 0.04 × 5
- = $2,050.00
- Total = $10,250.00 + $2,050.00 = $12,300.00
6.Find the simple interest on $6,500.00 invested at 3% per year for 6 years. What is the total value at the end?
Answer: Interest $1,170.00; total $7,670.00
- I = P × r × n = $6,500.00 × 0.03 × 6
- = $1,170.00
- Total = $6,500.00 + $1,170.00 = $7,670.00
7.Find the simple interest on $1,000.00 invested at 6% per year for 2 years. What is the total value at the end?
Answer: Interest $120.00; total $1,120.00
- I = P × r × n = $1,000.00 × 0.06 × 2
- = $120.00
- Total = $1,000.00 + $120.00 = $1,120.00
8.Find the simple interest on $14,500.00 invested at 2.5% per year for 6 years. What is the total value at the end?
Answer: Interest $2,175.00; total $16,675.00
- I = P × r × n = $14,500.00 × 0.025 × 6
- = $2,175.00
- Total = $14,500.00 + $2,175.00 = $16,675.00
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