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Year 12 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — 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 — 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 $6,000.00 invested at 5% per year for 2 years. What is the total value at the end?

Answer: Interest $600.00; total $6,600.00

  1. I = P × r × n = $6,000.00 × 0.05 × 2
  2. = $600.00
  3. Total = $6,000.00 + $600.00 = $6,600.00
2.Find the simple interest on $1,750.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $262.50; total $2,012.50

  1. I = P × r × n = $1,750.00 × 0.025 × 6
  2. = $262.50
  3. Total = $1,750.00 + $262.50 = $2,012.50
3.Find the simple interest on $4,750.00 invested at 4% per year for 6 years. What is the total value at the end?

Answer: Interest $1,140.00; total $5,890.00

  1. I = P × r × n = $4,750.00 × 0.04 × 6
  2. = $1,140.00
  3. Total = $4,750.00 + $1,140.00 = $5,890.00
4.Find the simple interest on $12,250.00 invested at 4.5% per year for 5 years. What is the total value at the end?

Answer: Interest $2,756.25; total $15,006.25

  1. I = P × r × n = $12,250.00 × 0.045 × 5
  2. = $2,756.25
  3. Total = $12,250.00 + $2,756.25 = $15,006.25
5.Find the simple interest on $2,500.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $225.00; total $2,725.00

  1. I = P × r × n = $2,500.00 × 0.045 × 2
  2. = $225.00
  3. Total = $2,500.00 + $225.00 = $2,725.00
6.Find the simple interest on $4,250.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $765.00; total $5,015.00

  1. I = P × r × n = $4,250.00 × 0.045 × 4
  2. = $765.00
  3. Total = $4,250.00 + $765.00 = $5,015.00
7.Find the simple interest on $11,250.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $675.00; total $11,925.00

  1. I = P × r × n = $11,250.00 × 0.02 × 3
  2. = $675.00
  3. Total = $11,250.00 + $675.00 = $11,925.00
8.Find the simple interest on $6,000.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,080.00; total $7,080.00

  1. I = P × r × n = $6,000.00 × 0.045 × 4
  2. = $1,080.00
  3. Total = $6,000.00 + $1,080.00 = $7,080.00
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