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Year 10 Simple and Compound Interest Worksheet — Level 1 — Answers

Answer sheet with worked solutions for the Year 10 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 10 · Mathematics · Financial Mathematics

Year 10 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 $14,500.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $3,625.00; total $18,125.00

  1. I = P × r × n = $14,500.00 × 0.05 × 5
  2. = $3,625.00
  3. Total = $14,500.00 + $3,625.00 = $18,125.00
2.Find the simple interest on $14,750.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $2,212.50; total $16,962.50

  1. I = P × r × n = $14,750.00 × 0.025 × 6
  2. = $2,212.50
  3. Total = $14,750.00 + $2,212.50 = $16,962.50
3.Find the simple interest on $9,750.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,218.75; total $10,968.75

  1. I = P × r × n = $9,750.00 × 0.025 × 5
  2. = $1,218.75
  3. Total = $9,750.00 + $1,218.75 = $10,968.75
4.Find the simple interest on $2,250.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $540.00; total $2,790.00

  1. I = P × r × n = $2,250.00 × 0.08 × 3
  2. = $540.00
  3. Total = $2,250.00 + $540.00 = $2,790.00
5.Find the simple interest on $5,250.00 invested at 6% per year for 6 years. What is the total value at the end?

Answer: Interest $1,890.00; total $7,140.00

  1. I = P × r × n = $5,250.00 × 0.06 × 6
  2. = $1,890.00
  3. Total = $5,250.00 + $1,890.00 = $7,140.00
6.Find the simple interest on $1,750.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $280.00; total $2,030.00

  1. I = P × r × n = $1,750.00 × 0.04 × 4
  2. = $280.00
  3. Total = $1,750.00 + $280.00 = $2,030.00
7.Find the simple interest on $14,750.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $4,425.00; total $19,175.00

  1. I = P × r × n = $14,750.00 × 0.06 × 5
  2. = $4,425.00
  3. Total = $14,750.00 + $4,425.00 = $19,175.00
8.Find the simple interest on $14,000.00 invested at 2% per year for 5 years. What is the total value at the end?

Answer: Interest $1,400.00; total $15,400.00

  1. I = P × r × n = $14,000.00 × 0.02 × 5
  2. = $1,400.00
  3. Total = $14,000.00 + $1,400.00 = $15,400.00
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