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Year 10 Simple and Compound Interest Worksheet — Level 2 — 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 2 — 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 $1,000.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $90.00; total $1,090.00

  1. I = P × r × n = $1,000.00 × 0.045 × 2
  2. = $90.00
  3. Total = $1,000.00 + $90.00 = $1,090.00
2.Find the simple interest on $3,250.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $780.00; total $4,030.00

  1. I = P × r × n = $3,250.00 × 0.08 × 3
  2. = $780.00
  3. Total = $3,250.00 + $780.00 = $4,030.00
3.Find the simple interest on $8,250.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $1,320.00; total $9,570.00

  1. I = P × r × n = $8,250.00 × 0.04 × 4
  2. = $1,320.00
  3. Total = $8,250.00 + $1,320.00 = $9,570.00
4.$13,000.00 is invested at 5% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,049.13; interest $2,049.13

  1. A = P(1 + r)n = $13,000.00 × (1 + 0.05)3
  2. = $13,000.00 × 1.157625
  3. ≈ $15,049.13
  4. Interest = $15,049.13 − $13,000.00 = $2,049.13
5.$9,500.00 is invested at 4.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $11,838.73; interest $2,338.73

  1. A = P(1 + r)n = $9,500.00 × (1 + 0.045)5
  2. = $9,500.00 × 1.246182
  3. ≈ $11,838.73
  4. Interest = $11,838.73 − $9,500.00 = $2,338.73
6.Find the simple interest on $15,000.00 invested at 4% per year for 6 years. What is the total value at the end?

Answer: Interest $3,600.00; total $18,600.00

  1. I = P × r × n = $15,000.00 × 0.04 × 6
  2. = $3,600.00
  3. Total = $15,000.00 + $3,600.00 = $18,600.00
7.Find the simple interest on $5,750.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,035.00; total $6,785.00

  1. I = P × r × n = $5,750.00 × 0.045 × 4
  2. = $1,035.00
  3. Total = $5,750.00 + $1,035.00 = $6,785.00
8.$1,000.00 is invested at 3% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $1,060.90; interest $60.90

  1. A = P(1 + r)n = $1,000.00 × (1 + 0.03)2
  2. = $1,000.00 × 1.0609
  3. ≈ $1,060.90
  4. Interest = $1,060.90 − $1,000.00 = $60.90
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