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Year 12 Simple and Compound Interest Worksheet — Level 1 — Answers

Answer sheet with worked solutions for the Year 12 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 12 · Mathematics · Financial Mathematics

Year 12 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 $1,750.00 invested at 6% per year for 3 years. What is the total value at the end?

Answer: Interest $315.00; total $2,065.00

  1. I = P × r × n = $1,750.00 × 0.06 × 3
  2. = $315.00
  3. Total = $1,750.00 + $315.00 = $2,065.00
2.Find the simple interest on $2,750.00 invested at 4.5% per year for 3 years. What is the total value at the end?

Answer: Interest $371.25; total $3,121.25

  1. I = P × r × n = $2,750.00 × 0.045 × 3
  2. = $371.25
  3. Total = $2,750.00 + $371.25 = $3,121.25
3.Find the simple interest on $13,750.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,375.00; total $15,125.00

  1. I = P × r × n = $13,750.00 × 0.025 × 4
  2. = $1,375.00
  3. Total = $13,750.00 + $1,375.00 = $15,125.00
4.Find the simple interest on $4,000.00 invested at 4.5% per year for 3 years. What is the total value at the end?

Answer: Interest $540.00; total $4,540.00

  1. I = P × r × n = $4,000.00 × 0.045 × 3
  2. = $540.00
  3. Total = $4,000.00 + $540.00 = $4,540.00
5.Find the simple interest on $9,750.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $1,560.00; total $11,310.00

  1. I = P × r × n = $9,750.00 × 0.08 × 2
  2. = $1,560.00
  3. Total = $9,750.00 + $1,560.00 = $11,310.00
6.Find the simple interest on $7,000.00 invested at 6% per year for 2 years. What is the total value at the end?

Answer: Interest $840.00; total $7,840.00

  1. I = P × r × n = $7,000.00 × 0.06 × 2
  2. = $840.00
  3. Total = $7,000.00 + $840.00 = $7,840.00
7.Find the simple interest on $2,500.00 invested at 8% per year for 5 years. What is the total value at the end?

Answer: Interest $1,000.00; total $3,500.00

  1. I = P × r × n = $2,500.00 × 0.08 × 5
  2. = $1,000.00
  3. Total = $2,500.00 + $1,000.00 = $3,500.00
8.Find the simple interest on $2,250.00 invested at 6% per year for 2 years. What is the total value at the end?

Answer: Interest $270.00; total $2,520.00

  1. I = P × r × n = $2,250.00 × 0.06 × 2
  2. = $270.00
  3. Total = $2,250.00 + $270.00 = $2,520.00
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