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Year 11 Simple and Compound Interest Worksheet — Level 2 — Practice Set 2 — 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 2 — 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 $10,500.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $945.00; total $11,445.00

  1. I = P × r × n = $10,500.00 × 0.03 × 3
  2. = $945.00
  3. Total = $10,500.00 + $945.00 = $11,445.00
2.Find the simple interest on $11,000.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $1,980.00; total $12,980.00

  1. I = P × r × n = $11,000.00 × 0.03 × 6
  2. = $1,980.00
  3. Total = $11,000.00 + $1,980.00 = $12,980.00
3.Find the simple interest on $13,500.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $1,080.00; total $14,580.00

  1. I = P × r × n = $13,500.00 × 0.04 × 2
  2. = $1,080.00
  3. Total = $13,500.00 + $1,080.00 = $14,580.00
4.Find the simple interest on $1,500.00 invested at 8% per year for 5 years. What is the total value at the end?

Answer: Interest $600.00; total $2,100.00

  1. I = P × r × n = $1,500.00 × 0.08 × 5
  2. = $600.00
  3. Total = $1,500.00 + $600.00 = $2,100.00
5.$5,500.00 is invested at 3% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $6,567.29; interest $1,067.29

  1. A = P(1 + r)n = $5,500.00 × (1 + 0.03)6
  2. = $5,500.00 × 1.194052
  3. ≈ $6,567.29
  4. Interest = $6,567.29 − $5,500.00 = $1,067.29
6.$10,500.00 is invested at 5% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $12,762.82; interest $2,262.82

  1. A = P(1 + r)n = $10,500.00 × (1 + 0.05)4
  2. = $10,500.00 × 1.215506
  3. ≈ $12,762.82
  4. Interest = $12,762.82 − $10,500.00 = $2,262.82
7.$13,250.00 is invested at 6% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $14,887.70; interest $1,637.70

  1. A = P(1 + r)n = $13,250.00 × (1 + 0.06)2
  2. = $13,250.00 × 1.1236
  3. ≈ $14,887.70
  4. Interest = $14,887.70 − $13,250.00 = $1,637.70
8.$3,750.00 is invested at 2.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $4,242.78; interest $492.78

  1. A = P(1 + r)n = $3,750.00 × (1 + 0.025)5
  2. = $3,750.00 × 1.131408
  3. ≈ $4,242.78
  4. Interest = $4,242.78 − $3,750.00 = $492.78
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