Year 11 Simple and Compound Interest Worksheet — Level 1 — Answers
Answer sheet with worked solutions for the Year 11 financial mathematics worksheet.
Success TutoringWorksheetsAnswer sheetYear 11 · Mathematics · Financial MathematicsYear 11 Simple and Compound Interest Worksheet — Level 1 — 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 $3,500.00 invested at 4.5% per year for 6 years. What is the total value at the end?
Answer: Interest $945.00; total $4,445.00
- I = P × r × n = $3,500.00 × 0.045 × 6
- = $945.00
- Total = $3,500.00 + $945.00 = $4,445.00
2.Find the simple interest on $1,000.00 invested at 5% per year for 5 years. What is the total value at the end?
Answer: Interest $250.00; total $1,250.00
- I = P × r × n = $1,000.00 × 0.05 × 5
- = $250.00
- Total = $1,000.00 + $250.00 = $1,250.00
3.Find the simple interest on $9,500.00 invested at 5% per year for 2 years. What is the total value at the end?
Answer: Interest $950.00; total $10,450.00
- I = P × r × n = $9,500.00 × 0.05 × 2
- = $950.00
- Total = $9,500.00 + $950.00 = $10,450.00
4.Find the simple interest on $6,250.00 invested at 4.5% per year for 6 years. What is the total value at the end?
Answer: Interest $1,687.50; total $7,937.50
- I = P × r × n = $6,250.00 × 0.045 × 6
- = $1,687.50
- Total = $6,250.00 + $1,687.50 = $7,937.50
5.Find the simple interest on $11,250.00 invested at 2.5% per year for 2 years. What is the total value at the end?
Answer: Interest $562.50; total $11,812.50
- I = P × r × n = $11,250.00 × 0.025 × 2
- = $562.50
- Total = $11,250.00 + $562.50 = $11,812.50
6.Find the simple interest on $13,750.00 invested at 4% per year for 2 years. What is the total value at the end?
Answer: Interest $1,100.00; total $14,850.00
- I = P × r × n = $13,750.00 × 0.04 × 2
- = $1,100.00
- Total = $13,750.00 + $1,100.00 = $14,850.00
7.Find the simple interest on $9,250.00 invested at 8% per year for 4 years. What is the total value at the end?
Answer: Interest $2,960.00; total $12,210.00
- I = P × r × n = $9,250.00 × 0.08 × 4
- = $2,960.00
- Total = $9,250.00 + $2,960.00 = $12,210.00
8.Find the simple interest on $6,000.00 invested at 6% per year for 6 years. What is the total value at the end?
Answer: Interest $2,160.00; total $8,160.00
- I = P × r × n = $6,000.00 × 0.06 × 6
- = $2,160.00
- Total = $6,000.00 + $2,160.00 = $8,160.00
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