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Year 9 Simple and Compound Interest Worksheet — Level 2 — 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 2 — 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 $3,000.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $300.00; total $3,300.00

  1. I = P × r × n = $3,000.00 × 0.025 × 4
  2. = $300.00
  3. Total = $3,000.00 + $300.00 = $3,300.00
2.Find the simple interest on $8,500.00 invested at 6% per year for 2 years. What is the total value at the end?

Answer: Interest $1,020.00; total $9,520.00

  1. I = P × r × n = $8,500.00 × 0.06 × 2
  2. = $1,020.00
  3. Total = $8,500.00 + $1,020.00 = $9,520.00
3.Find the simple interest on $1,000.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $240.00; total $1,240.00

  1. I = P × r × n = $1,000.00 × 0.08 × 3
  2. = $240.00
  3. Total = $1,000.00 + $240.00 = $1,240.00
4.$13,250.00 is invested at 2.5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,365.94; interest $2,115.94

  1. A = P(1 + r)n = $13,250.00 × (1 + 0.025)6
  2. = $13,250.00 × 1.159693
  3. ≈ $15,365.94
  4. Interest = $15,365.94 − $13,250.00 = $2,115.94
5.$11,750.00 is invested at 2% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $12,224.70; interest $474.70

  1. A = P(1 + r)n = $11,750.00 × (1 + 0.02)2
  2. = $11,750.00 × 1.0404
  3. ≈ $12,224.70
  4. Interest = $12,224.70 − $11,750.00 = $474.70
6.Find the simple interest on $15,000.00 invested at 6% per year for 4 years. What is the total value at the end?

Answer: Interest $3,600.00; total $18,600.00

  1. I = P × r × n = $15,000.00 × 0.06 × 4
  2. = $3,600.00
  3. Total = $15,000.00 + $3,600.00 = $18,600.00
7.Find the simple interest on $4,250.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $680.00; total $4,930.00

  1. I = P × r × n = $4,250.00 × 0.04 × 4
  2. = $680.00
  3. Total = $4,250.00 + $680.00 = $4,930.00
8.$8,250.00 is invested at 4.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $10,281.00; interest $2,031.00

  1. A = P(1 + r)n = $8,250.00 × (1 + 0.045)5
  2. = $8,250.00 × 1.246182
  3. ≈ $10,281.00
  4. Interest = $10,281.00 − $8,250.00 = $2,031.00
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