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Year 12 Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — 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 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 $9,750.00 invested at 5% per year for 2 years. What is the total value at the end?

Answer: Interest $975.00; total $10,725.00

  1. I = P × r × n = $9,750.00 × 0.05 × 2
  2. = $975.00
  3. Total = $9,750.00 + $975.00 = $10,725.00
2.Find the simple interest on $1,000.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $480.00; total $1,480.00

  1. I = P × r × n = $1,000.00 × 0.08 × 6
  2. = $480.00
  3. Total = $1,000.00 + $480.00 = $1,480.00
3.Find the simple interest on $1,500.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $135.00; total $1,635.00

  1. I = P × r × n = $1,500.00 × 0.03 × 3
  2. = $135.00
  3. Total = $1,500.00 + $135.00 = $1,635.00
4.Find the simple interest on $4,500.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $810.00; total $5,310.00

  1. I = P × r × n = $4,500.00 × 0.03 × 6
  2. = $810.00
  3. Total = $4,500.00 + $810.00 = $5,310.00
5.Find the simple interest on $9,250.00 invested at 5% per year for 2 years. What is the total value at the end?

Answer: Interest $925.00; total $10,175.00

  1. I = P × r × n = $9,250.00 × 0.05 × 2
  2. = $925.00
  3. Total = $9,250.00 + $925.00 = $10,175.00
6.Find the simple interest on $13,500.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $2,700.00; total $16,200.00

  1. I = P × r × n = $13,500.00 × 0.04 × 5
  2. = $2,700.00
  3. Total = $13,500.00 + $2,700.00 = $16,200.00
7.Find the simple interest on $14,250.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $4,275.00; total $18,525.00

  1. I = P × r × n = $14,250.00 × 0.06 × 5
  2. = $4,275.00
  3. Total = $14,250.00 + $4,275.00 = $18,525.00
8.Find the simple interest on $12,250.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $612.50; total $12,862.50

  1. I = P × r × n = $12,250.00 × 0.025 × 2
  2. = $612.50
  3. Total = $12,250.00 + $612.50 = $12,862.50
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