Year 11 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — 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 — 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 $9,250.00 invested at 5% per year for 2 years. What is the total value at the end?
Answer: Interest $925.00; total $10,175.00
- I = P × r × n = $9,250.00 × 0.05 × 2
- = $925.00
- Total = $9,250.00 + $925.00 = $10,175.00
2.Find the simple interest on $14,250.00 invested at 6% per year for 2 years. What is the total value at the end?
Answer: Interest $1,710.00; total $15,960.00
- I = P × r × n = $14,250.00 × 0.06 × 2
- = $1,710.00
- Total = $14,250.00 + $1,710.00 = $15,960.00
3.Find the simple interest on $3,000.00 invested at 2% per year for 2 years. What is the total value at the end?
Answer: Interest $120.00; total $3,120.00
- I = P × r × n = $3,000.00 × 0.02 × 2
- = $120.00
- Total = $3,000.00 + $120.00 = $3,120.00
4.Find the simple interest on $4,000.00 invested at 6% per year for 2 years. What is the total value at the end?
Answer: Interest $480.00; total $4,480.00
- I = P × r × n = $4,000.00 × 0.06 × 2
- = $480.00
- Total = $4,000.00 + $480.00 = $4,480.00
5.Find the simple interest on $13,500.00 invested at 8% per year for 5 years. What is the total value at the end?
Answer: Interest $5,400.00; total $18,900.00
- I = P × r × n = $13,500.00 × 0.08 × 5
- = $5,400.00
- Total = $13,500.00 + $5,400.00 = $18,900.00
6.Find the simple interest on $15,000.00 invested at 5% per year for 3 years. What is the total value at the end?
Answer: Interest $2,250.00; total $17,250.00
- I = P × r × n = $15,000.00 × 0.05 × 3
- = $2,250.00
- Total = $15,000.00 + $2,250.00 = $17,250.00
7.Find the simple interest on $8,750.00 invested at 4% per year for 2 years. What is the total value at the end?
Answer: Interest $700.00; total $9,450.00
- I = P × r × n = $8,750.00 × 0.04 × 2
- = $700.00
- Total = $8,750.00 + $700.00 = $9,450.00
8.Find the simple interest on $10,750.00 invested at 6% per year for 6 years. What is the total value at the end?
Answer: Interest $3,870.00; total $14,620.00
- I = P × r × n = $10,750.00 × 0.06 × 6
- = $3,870.00
- Total = $10,750.00 + $3,870.00 = $14,620.00
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