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Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — 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 — 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 $5,000.00 invested at 3% per year for 2 years. What is the total value at the end?

Answer: Interest $300.00; total $5,300.00

  1. I = P × r × n = $5,000.00 × 0.03 × 2
  2. = $300.00
  3. Total = $5,000.00 + $300.00 = $5,300.00
2.Find the simple interest on $10,500.00 invested at 5% per year for 4 years. What is the total value at the end?

Answer: Interest $2,100.00; total $12,600.00

  1. I = P × r × n = $10,500.00 × 0.05 × 4
  2. = $2,100.00
  3. Total = $10,500.00 + $2,100.00 = $12,600.00
3.Find the simple interest on $6,500.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $390.00; total $6,890.00

  1. I = P × r × n = $6,500.00 × 0.02 × 3
  2. = $390.00
  3. Total = $6,500.00 + $390.00 = $6,890.00
4.Find the simple interest on $15,000.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,500.00; total $16,500.00

  1. I = P × r × n = $15,000.00 × 0.025 × 4
  2. = $1,500.00
  3. Total = $15,000.00 + $1,500.00 = $16,500.00
5.Find the simple interest on $14,750.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $590.00; total $15,340.00

  1. I = P × r × n = $14,750.00 × 0.02 × 2
  2. = $590.00
  3. Total = $14,750.00 + $590.00 = $15,340.00
6.Find the simple interest on $2,000.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $320.00; total $2,320.00

  1. I = P × r × n = $2,000.00 × 0.04 × 4
  2. = $320.00
  3. Total = $2,000.00 + $320.00 = $2,320.00
7.Find the simple interest on $2,500.00 invested at 2% per year for 5 years. What is the total value at the end?

Answer: Interest $250.00; total $2,750.00

  1. I = P × r × n = $2,500.00 × 0.02 × 5
  2. = $250.00
  3. Total = $2,500.00 + $250.00 = $2,750.00
8.Find the simple interest on $12,000.00 invested at 6% per year for 6 years. What is the total value at the end?

Answer: Interest $4,320.00; total $16,320.00

  1. I = P × r × n = $12,000.00 × 0.06 × 6
  2. = $4,320.00
  3. Total = $12,000.00 + $4,320.00 = $16,320.00
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