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Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — 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 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 $7,500.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,125.00; total $8,625.00

  1. I = P × r × n = $7,500.00 × 0.025 × 6
  2. = $1,125.00
  3. Total = $7,500.00 + $1,125.00 = $8,625.00
2.Find the simple interest on $2,750.00 invested at 8% per year for 4 years. What is the total value at the end?

Answer: Interest $880.00; total $3,630.00

  1. I = P × r × n = $2,750.00 × 0.08 × 4
  2. = $880.00
  3. Total = $2,750.00 + $880.00 = $3,630.00
3.Find the simple interest on $2,500.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $1,200.00; total $3,700.00

  1. I = P × r × n = $2,500.00 × 0.08 × 6
  2. = $1,200.00
  3. Total = $2,500.00 + $1,200.00 = $3,700.00
4.Find the simple interest on $5,500.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,375.00; total $6,875.00

  1. I = P × r × n = $5,500.00 × 0.05 × 5
  2. = $1,375.00
  3. Total = $5,500.00 + $1,375.00 = $6,875.00
5.Find the simple interest on $10,000.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,250.00; total $11,250.00

  1. I = P × r × n = $10,000.00 × 0.025 × 5
  2. = $1,250.00
  3. Total = $10,000.00 + $1,250.00 = $11,250.00
6.Find the simple interest on $14,500.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $3,480.00; total $17,980.00

  1. I = P × r × n = $14,500.00 × 0.08 × 3
  2. = $3,480.00
  3. Total = $14,500.00 + $3,480.00 = $17,980.00
7.Find the simple interest on $10,000.00 invested at 3% per year for 4 years. What is the total value at the end?

Answer: Interest $1,200.00; total $11,200.00

  1. I = P × r × n = $10,000.00 × 0.03 × 4
  2. = $1,200.00
  3. Total = $10,000.00 + $1,200.00 = $11,200.00
8.Find the simple interest on $5,500.00 invested at 2% per year for 5 years. What is the total value at the end?

Answer: Interest $550.00; total $6,050.00

  1. I = P × r × n = $5,500.00 × 0.02 × 5
  2. = $550.00
  3. Total = $5,500.00 + $550.00 = $6,050.00
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