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Year 9 Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — Answers

Answer sheet with worked solutions for the Year 9 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 9 · Mathematics · Financial Mathematics

Year 9 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 $13,750.00 invested at 5% per year for 3 years. What is the total value at the end?

Answer: Interest $2,062.50; total $15,812.50

  1. I = P × r × n = $13,750.00 × 0.05 × 3
  2. = $2,062.50
  3. Total = $13,750.00 + $2,062.50 = $15,812.50
2.Find the simple interest on $7,500.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $600.00; total $8,100.00

  1. I = P × r × n = $7,500.00 × 0.04 × 2
  2. = $600.00
  3. Total = $7,500.00 + $600.00 = $8,100.00
3.Find the simple interest on $8,500.00 invested at 2% per year for 5 years. What is the total value at the end?

Answer: Interest $850.00; total $9,350.00

  1. I = P × r × n = $8,500.00 × 0.02 × 5
  2. = $850.00
  3. Total = $8,500.00 + $850.00 = $9,350.00
4.Find the simple interest on $11,000.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $3,300.00; total $14,300.00

  1. I = P × r × n = $11,000.00 × 0.06 × 5
  2. = $3,300.00
  3. Total = $11,000.00 + $3,300.00 = $14,300.00
5.Find the simple interest on $5,500.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $825.00; total $6,325.00

  1. I = P × r × n = $5,500.00 × 0.025 × 6
  2. = $825.00
  3. Total = $5,500.00 + $825.00 = $6,325.00
6.Find the simple interest on $2,500.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $200.00; total $2,700.00

  1. I = P × r × n = $2,500.00 × 0.04 × 2
  2. = $200.00
  3. Total = $2,500.00 + $200.00 = $2,700.00
7.Find the simple interest on $9,750.00 invested at 5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,950.00; total $11,700.00

  1. I = P × r × n = $9,750.00 × 0.05 × 4
  2. = $1,950.00
  3. Total = $9,750.00 + $1,950.00 = $11,700.00
8.Find the simple interest on $4,750.00 invested at 6% per year for 2 years. What is the total value at the end?

Answer: Interest $570.00; total $5,320.00

  1. I = P × r × n = $4,750.00 × 0.06 × 2
  2. = $570.00
  3. Total = $4,750.00 + $570.00 = $5,320.00
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