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Year 9 Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — 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 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 $15,000.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $4,050.00; total $19,050.00

  1. I = P × r × n = $15,000.00 × 0.045 × 6
  2. = $4,050.00
  3. Total = $15,000.00 + $4,050.00 = $19,050.00
2.Find the simple interest on $8,250.00 invested at 5% per year for 3 years. What is the total value at the end?

Answer: Interest $1,237.50; total $9,487.50

  1. I = P × r × n = $8,250.00 × 0.05 × 3
  2. = $1,237.50
  3. Total = $8,250.00 + $1,237.50 = $9,487.50
3.Find the simple interest on $14,750.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $2,360.00; total $17,110.00

  1. I = P × r × n = $14,750.00 × 0.04 × 4
  2. = $2,360.00
  3. Total = $14,750.00 + $2,360.00 = $17,110.00
4.Find the simple interest on $12,250.00 invested at 5% per year for 3 years. What is the total value at the end?

Answer: Interest $1,837.50; total $14,087.50

  1. I = P × r × n = $12,250.00 × 0.05 × 3
  2. = $1,837.50
  3. Total = $12,250.00 + $1,837.50 = $14,087.50
5.Find the simple interest on $2,250.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $281.25; total $2,531.25

  1. I = P × r × n = $2,250.00 × 0.025 × 5
  2. = $281.25
  3. Total = $2,250.00 + $281.25 = $2,531.25
6.Find the simple interest on $1,250.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $312.50; total $1,562.50

  1. I = P × r × n = $1,250.00 × 0.05 × 5
  2. = $312.50
  3. Total = $1,250.00 + $312.50 = $1,562.50
7.Find the simple interest on $12,750.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $1,020.00; total $13,770.00

  1. I = P × r × n = $12,750.00 × 0.04 × 2
  2. = $1,020.00
  3. Total = $12,750.00 + $1,020.00 = $13,770.00
8.Find the simple interest on $13,000.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $975.00; total $13,975.00

  1. I = P × r × n = $13,000.00 × 0.025 × 3
  2. = $975.00
  3. Total = $13,000.00 + $975.00 = $13,975.00
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