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Year 11 Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — 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 — 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 $1,250.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $93.75; total $1,343.75

  1. I = P × r × n = $1,250.00 × 0.025 × 3
  2. = $93.75
  3. Total = $1,250.00 + $93.75 = $1,343.75
2.Find the simple interest on $14,750.00 invested at 6% per year for 6 years. What is the total value at the end?

Answer: Interest $5,310.00; total $20,060.00

  1. I = P × r × n = $14,750.00 × 0.06 × 6
  2. = $5,310.00
  3. Total = $14,750.00 + $5,310.00 = $20,060.00
3.Find the simple interest on $5,000.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $1,000.00; total $6,000.00

  1. I = P × r × n = $5,000.00 × 0.04 × 5
  2. = $1,000.00
  3. Total = $5,000.00 + $1,000.00 = $6,000.00
4.Find the simple interest on $3,000.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $270.00; total $3,270.00

  1. I = P × r × n = $3,000.00 × 0.03 × 3
  2. = $270.00
  3. Total = $3,000.00 + $270.00 = $3,270.00
5.Find the simple interest on $3,750.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $225.00; total $3,975.00

  1. I = P × r × n = $3,750.00 × 0.02 × 3
  2. = $225.00
  3. Total = $3,750.00 + $225.00 = $3,975.00
6.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

  1. I = P × r × n = $7,250.00 × 0.04 × 5
  2. = $1,450.00
  3. Total = $7,250.00 + $1,450.00 = $8,700.00
7.Find the simple interest on $12,750.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $1,147.50; total $13,897.50

  1. I = P × r × n = $12,750.00 × 0.045 × 2
  2. = $1,147.50
  3. Total = $12,750.00 + $1,147.50 = $13,897.50
8.Find the simple interest on $4,500.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $2,160.00; total $6,660.00

  1. I = P × r × n = $4,500.00 × 0.08 × 6
  2. = $2,160.00
  3. Total = $4,500.00 + $2,160.00 = $6,660.00
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