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Year 12 Simple and Compound Interest Worksheet — Level 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 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 $10,000.00 invested at 3% per year for 5 years. What is the total value at the end?

Answer: Interest $1,500.00; total $11,500.00

  1. I = P × r × n = $10,000.00 × 0.03 × 5
  2. = $1,500.00
  3. Total = $10,000.00 + $1,500.00 = $11,500.00
2.Find the simple interest on $10,500.00 invested at 6% per year for 4 years. What is the total value at the end?

Answer: Interest $2,520.00; total $13,020.00

  1. I = P × r × n = $10,500.00 × 0.06 × 4
  2. = $2,520.00
  3. Total = $10,500.00 + $2,520.00 = $13,020.00
3.Find the simple interest on $4,500.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $225.00; total $4,725.00

  1. I = P × r × n = $4,500.00 × 0.025 × 2
  2. = $225.00
  3. Total = $4,500.00 + $225.00 = $4,725.00
4.$15,000.00 is invested at 8% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $18,895.68; interest $3,895.68

  1. A = P(1 + r)n = $15,000.00 × (1 + 0.08)3
  2. = $15,000.00 × 1.259712
  3. ≈ $18,895.68
  4. Interest = $18,895.68 − $15,000.00 = $3,895.68
5.Find the simple interest on $11,000.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $2,970.00; total $13,970.00

  1. I = P × r × n = $11,000.00 × 0.045 × 6
  2. = $2,970.00
  3. Total = $11,000.00 + $2,970.00 = $13,970.00
6.Find the simple interest on $11,500.00 invested at 2% per year for 5 years. What is the total value at the end?

Answer: Interest $1,150.00; total $12,650.00

  1. I = P × r × n = $11,500.00 × 0.02 × 5
  2. = $1,150.00
  3. Total = $11,500.00 + $1,150.00 = $12,650.00
7.Find the simple interest on $2,250.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $225.00; total $2,475.00

  1. I = P × r × n = $2,250.00 × 0.025 × 4
  2. = $225.00
  3. Total = $2,250.00 + $225.00 = $2,475.00
8.Find the simple interest on $11,750.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $2,115.00; total $13,865.00

  1. I = P × r × n = $11,750.00 × 0.03 × 6
  2. = $2,115.00
  3. Total = $11,750.00 + $2,115.00 = $13,865.00
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