Year 10 Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — Answers
Answer sheet with worked solutions for the Year 10 financial mathematics worksheet.
Success TutoringWorksheetsAnswer sheetYear 10 · Mathematics · Financial MathematicsYear 10 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 $13,500.00 invested at 6% per year for 3 years. What is the total value at the end?
Answer: Interest $2,430.00; total $15,930.00
- I = P × r × n = $13,500.00 × 0.06 × 3
- = $2,430.00
- Total = $13,500.00 + $2,430.00 = $15,930.00
2.Find the simple interest on $2,500.00 invested at 2.5% per year for 4 years. What is the total value at the end?
Answer: Interest $250.00; total $2,750.00
- I = P × r × n = $2,500.00 × 0.025 × 4
- = $250.00
- Total = $2,500.00 + $250.00 = $2,750.00
3.Find the simple interest on $5,500.00 invested at 5% per year for 6 years. What is the total value at the end?
Answer: Interest $1,650.00; total $7,150.00
- I = P × r × n = $5,500.00 × 0.05 × 6
- = $1,650.00
- Total = $5,500.00 + $1,650.00 = $7,150.00
4.Find the simple interest on $5,750.00 invested at 2% per year for 2 years. What is the total value at the end?
Answer: Interest $230.00; total $5,980.00
- I = P × r × n = $5,750.00 × 0.02 × 2
- = $230.00
- Total = $5,750.00 + $230.00 = $5,980.00
5.Find the simple interest on $6,750.00 invested at 2.5% per year for 6 years. What is the total value at the end?
Answer: Interest $1,012.50; total $7,762.50
- I = P × r × n = $6,750.00 × 0.025 × 6
- = $1,012.50
- Total = $6,750.00 + $1,012.50 = $7,762.50
6.Find the simple interest on $9,500.00 invested at 6% per year for 5 years. What is the total value at the end?
Answer: Interest $2,850.00; total $12,350.00
- I = P × r × n = $9,500.00 × 0.06 × 5
- = $2,850.00
- Total = $9,500.00 + $2,850.00 = $12,350.00
7.Find the simple interest on $3,250.00 invested at 2% per year for 4 years. What is the total value at the end?
Answer: Interest $260.00; total $3,510.00
- I = P × r × n = $3,250.00 × 0.02 × 4
- = $260.00
- Total = $3,250.00 + $260.00 = $3,510.00
8.Find the simple interest on $1,750.00 invested at 4% per year for 5 years. What is the total value at the end?
Answer: Interest $350.00; total $2,100.00
- I = P × r × n = $1,750.00 × 0.04 × 5
- = $350.00
- Total = $1,750.00 + $350.00 = $2,100.00
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