Year 12 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — Answers
Answer sheet with worked solutions for the Year 12 financial mathematics worksheet.
Success TutoringWorksheetsAnswer sheetYear 12 · Mathematics · Financial MathematicsYear 12 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 $2,000.00 invested at 6% per year for 2 years. What is the total value at the end?
Answer: Interest $240.00; total $2,240.00
- I = P × r × n = $2,000.00 × 0.06 × 2
- = $240.00
- Total = $2,000.00 + $240.00 = $2,240.00
2.Find the simple interest on $12,750.00 invested at 2.5% per year for 4 years. What is the total value at the end?
Answer: Interest $1,275.00; total $14,025.00
- I = P × r × n = $12,750.00 × 0.025 × 4
- = $1,275.00
- Total = $12,750.00 + $1,275.00 = $14,025.00
3.Find the simple interest on $4,750.00 invested at 4.5% per year for 6 years. What is the total value at the end?
Answer: Interest $1,282.50; total $6,032.50
- I = P × r × n = $4,750.00 × 0.045 × 6
- = $1,282.50
- Total = $4,750.00 + $1,282.50 = $6,032.50
4.Find the simple interest on $8,250.00 invested at 4.5% per year for 6 years. What is the total value at the end?
Answer: Interest $2,227.50; total $10,477.50
- I = P × r × n = $8,250.00 × 0.045 × 6
- = $2,227.50
- Total = $8,250.00 + $2,227.50 = $10,477.50
5.Find the simple interest on $14,500.00 invested at 2.5% per year for 5 years. What is the total value at the end?
Answer: Interest $1,812.50; total $16,312.50
- I = P × r × n = $14,500.00 × 0.025 × 5
- = $1,812.50
- Total = $14,500.00 + $1,812.50 = $16,312.50
6.Find the simple interest on $8,000.00 invested at 2.5% per year for 4 years. What is the total value at the end?
Answer: Interest $800.00; total $8,800.00
- I = P × r × n = $8,000.00 × 0.025 × 4
- = $800.00
- Total = $8,000.00 + $800.00 = $8,800.00
7.Find the simple interest on $7,250.00 invested at 6% per year for 2 years. What is the total value at the end?
Answer: Interest $870.00; total $8,120.00
- I = P × r × n = $7,250.00 × 0.06 × 2
- = $870.00
- Total = $7,250.00 + $870.00 = $8,120.00
8.Find the simple interest on $9,500.00 invested at 6% per year for 6 years. What is the total value at the end?
Answer: Interest $3,420.00; total $12,920.00
- I = P × r × n = $9,500.00 × 0.06 × 6
- = $3,420.00
- Total = $9,500.00 + $3,420.00 = $12,920.00
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