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Year 9 Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — 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 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 $12,500.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $6,000.00; total $18,500.00

  1. I = P × r × n = $12,500.00 × 0.08 × 6
  2. = $6,000.00
  3. Total = $12,500.00 + $6,000.00 = $18,500.00
2.Find the simple interest on $7,750.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $3,720.00; total $11,470.00

  1. I = P × r × n = $7,750.00 × 0.08 × 6
  2. = $3,720.00
  3. Total = $7,750.00 + $3,720.00 = $11,470.00
3.Find the simple interest on $4,750.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $760.00; total $5,510.00

  1. I = P × r × n = $4,750.00 × 0.08 × 2
  2. = $760.00
  3. Total = $4,750.00 + $760.00 = $5,510.00
4.Find the simple interest on $9,500.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $2,280.00; total $11,780.00

  1. I = P × r × n = $9,500.00 × 0.08 × 3
  2. = $2,280.00
  3. Total = $9,500.00 + $2,280.00 = $11,780.00
5.Find the simple interest on $11,500.00 invested at 8% per year for 4 years. What is the total value at the end?

Answer: Interest $3,680.00; total $15,180.00

  1. I = P × r × n = $11,500.00 × 0.08 × 4
  2. = $3,680.00
  3. Total = $11,500.00 + $3,680.00 = $15,180.00
6.Find the simple interest on $13,500.00 invested at 6% per year for 6 years. What is the total value at the end?

Answer: Interest $4,860.00; total $18,360.00

  1. I = P × r × n = $13,500.00 × 0.06 × 6
  2. = $4,860.00
  3. Total = $13,500.00 + $4,860.00 = $18,360.00
7.Find the simple interest on $8,500.00 invested at 5% per year for 3 years. What is the total value at the end?

Answer: Interest $1,275.00; total $9,775.00

  1. I = P × r × n = $8,500.00 × 0.05 × 3
  2. = $1,275.00
  3. Total = $8,500.00 + $1,275.00 = $9,775.00
8.Find the simple interest on $11,750.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $587.50; total $12,337.50

  1. I = P × r × n = $11,750.00 × 0.025 × 2
  2. = $587.50
  3. Total = $11,750.00 + $587.50 = $12,337.50
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