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Year 11 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — Answers

Answer sheet with worked solutions for the Year 11 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 11 · Mathematics · Financial Mathematics

Year 11 Simple and Compound Interest Worksheet — Level 1 — 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 $9,500.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $1,900.00; total $11,400.00

  1. I = P × r × n = $9,500.00 × 0.04 × 5
  2. = $1,900.00
  3. Total = $9,500.00 + $1,900.00 = $11,400.00
2.Find the simple interest on $14,500.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,450.00; total $15,950.00

  1. I = P × r × n = $14,500.00 × 0.025 × 4
  2. = $1,450.00
  3. Total = $14,500.00 + $1,450.00 = $15,950.00
3.Find the simple interest on $8,000.00 invested at 2% per year for 6 years. What is the total value at the end?

Answer: Interest $960.00; total $8,960.00

  1. I = P × r × n = $8,000.00 × 0.02 × 6
  2. = $960.00
  3. Total = $8,000.00 + $960.00 = $8,960.00
4.Find the simple interest on $11,000.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $550.00; total $11,550.00

  1. I = P × r × n = $11,000.00 × 0.025 × 2
  2. = $550.00
  3. Total = $11,000.00 + $550.00 = $11,550.00
5.Find the simple interest on $6,250.00 invested at 2% per year for 6 years. What is the total value at the end?

Answer: Interest $750.00; total $7,000.00

  1. I = P × r × n = $6,250.00 × 0.02 × 6
  2. = $750.00
  3. Total = $6,250.00 + $750.00 = $7,000.00
6.Find the simple interest on $6,250.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,125.00; total $7,375.00

  1. I = P × r × n = $6,250.00 × 0.045 × 4
  2. = $1,125.00
  3. Total = $6,250.00 + $1,125.00 = $7,375.00
7.Find the simple interest on $14,250.00 invested at 2% per year for 6 years. What is the total value at the end?

Answer: Interest $1,710.00; total $15,960.00

  1. I = P × r × n = $14,250.00 × 0.02 × 6
  2. = $1,710.00
  3. Total = $14,250.00 + $1,710.00 = $15,960.00
8.Find the simple interest on $4,750.00 invested at 3% per year for 2 years. What is the total value at the end?

Answer: Interest $285.00; total $5,035.00

  1. I = P × r × n = $4,750.00 × 0.03 × 2
  2. = $285.00
  3. Total = $4,750.00 + $285.00 = $5,035.00
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