Year 11 Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — 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 4 — 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 $13,750.00 invested at 3% per year for 4 years. What is the total value at the end?
Answer: Interest $1,650.00; total $15,400.00
- I = P × r × n = $13,750.00 × 0.03 × 4
- = $1,650.00
- Total = $13,750.00 + $1,650.00 = $15,400.00
2.Find the simple interest on $12,250.00 invested at 4.5% per year for 3 years. What is the total value at the end?
Answer: Interest $1,653.75; total $13,903.75
- I = P × r × n = $12,250.00 × 0.045 × 3
- = $1,653.75
- Total = $12,250.00 + $1,653.75 = $13,903.75
3.Find the simple interest on $11,250.00 invested at 8% per year for 2 years. What is the total value at the end?
Answer: Interest $1,800.00; total $13,050.00
- I = P × r × n = $11,250.00 × 0.08 × 2
- = $1,800.00
- Total = $11,250.00 + $1,800.00 = $13,050.00
4.Find the simple interest on $8,500.00 invested at 4% per year for 6 years. What is the total value at the end?
Answer: Interest $2,040.00; total $10,540.00
- I = P × r × n = $8,500.00 × 0.04 × 6
- = $2,040.00
- Total = $8,500.00 + $2,040.00 = $10,540.00
5.Find the simple interest on $11,000.00 invested at 8% per year for 3 years. What is the total value at the end?
Answer: Interest $2,640.00; total $13,640.00
- I = P × r × n = $11,000.00 × 0.08 × 3
- = $2,640.00
- Total = $11,000.00 + $2,640.00 = $13,640.00
6.Find the simple interest on $4,750.00 invested at 2% per year for 5 years. What is the total value at the end?
Answer: Interest $475.00; total $5,225.00
- I = P × r × n = $4,750.00 × 0.02 × 5
- = $475.00
- Total = $4,750.00 + $475.00 = $5,225.00
7.Find the simple interest on $3,000.00 invested at 6% per year for 4 years. What is the total value at the end?
Answer: Interest $720.00; total $3,720.00
- I = P × r × n = $3,000.00 × 0.06 × 4
- = $720.00
- Total = $3,000.00 + $720.00 = $3,720.00
8.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
- I = P × r × n = $5,750.00 × 0.045 × 4
- = $1,035.00
- Total = $5,750.00 + $1,035.00 = $6,785.00
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