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Year 10 Simple and Compound Interest Worksheet — Level 2 — 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 2 — 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 $1,750.00 invested at 6% per year for 4 years. What is the total value at the end?

Answer: Interest $420.00; total $2,170.00

  1. I = P × r × n = $1,750.00 × 0.06 × 4
  2. = $420.00
  3. Total = $1,750.00 + $420.00 = $2,170.00
2.Find the simple interest on $13,500.00 invested at 4.5% per year for 5 years. What is the total value at the end?

Answer: Interest $3,037.50; total $16,537.50

  1. I = P × r × n = $13,500.00 × 0.045 × 5
  2. = $3,037.50
  3. Total = $13,500.00 + $3,037.50 = $16,537.50
3.Find the simple interest on $6,500.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,170.00; total $7,670.00

  1. I = P × r × n = $6,500.00 × 0.045 × 4
  2. = $1,170.00
  3. Total = $6,500.00 + $1,170.00 = $7,670.00
4.Find the simple interest on $13,750.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $2,200.00; total $15,950.00

  1. I = P × r × n = $13,750.00 × 0.08 × 2
  2. = $2,200.00
  3. Total = $13,750.00 + $2,200.00 = $15,950.00
5.$2,500.00 is invested at 6% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,156.19; interest $656.19

  1. A = P(1 + r)n = $2,500.00 × (1 + 0.06)4
  2. = $2,500.00 × 1.262477
  3. ≈ $3,156.19
  4. Interest = $3,156.19 − $2,500.00 = $656.19
6.$7,000.00 is invested at 2.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $7,919.86; interest $919.86

  1. A = P(1 + r)n = $7,000.00 × (1 + 0.025)5
  2. = $7,000.00 × 1.131408
  3. ≈ $7,919.86
  4. Interest = $7,919.86 − $7,000.00 = $919.86
7.$5,000.00 is invested at 4% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $5,408.00; interest $408.00

  1. A = P(1 + r)n = $5,000.00 × (1 + 0.04)2
  2. = $5,000.00 × 1.0816
  3. ≈ $5,408.00
  4. Interest = $5,408.00 − $5,000.00 = $408.00
8.Find the simple interest on $4,500.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $2,160.00; total $6,660.00

  1. I = P × r × n = $4,500.00 × 0.08 × 6
  2. = $2,160.00
  3. Total = $4,500.00 + $2,160.00 = $6,660.00
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