10th Grade Simple and Compound Interest Worksheet — Level 1 — Answers
Answer sheet with worked solutions for the 10th Grade financial math worksheet.
Success TutoringWorksheetsAnswer sheet10th Grade · Mathematics · Financial Mathematics10th Grade Simple and Compound Interest Worksheet — Level 1 — Answers
Show your work. Write the rate as a decimal (5% = 0.05). Round money to the nearest cent.
1.Find the simple interest on $7,000.00 invested at 4.5% per year for 2 years. What is the total value at the end?
Answer: Interest $630.00; total $7,630.00
- I = P × r × n = $7,000.00 × 0.045 × 2
- = $630.00
- Total = $7,000.00 + $630.00 = $7,630.00
2.Find the simple interest on $13,500.00 invested at 3% per year for 6 years. What is the total value at the end?
Answer: Interest $2,430.00; total $15,930.00
- I = P × r × n = $13,500.00 × 0.03 × 6
- = $2,430.00
- Total = $13,500.00 + $2,430.00 = $15,930.00
3.Find the simple interest on $4,500.00 invested at 4% per year for 6 years. What is the total value at the end?
Answer: Interest $1,080.00; total $5,580.00
- I = P × r × n = $4,500.00 × 0.04 × 6
- = $1,080.00
- Total = $4,500.00 + $1,080.00 = $5,580.00
4.Find the simple interest on $12,500.00 invested at 5% per year for 2 years. What is the total value at the end?
Answer: Interest $1,250.00; total $13,750.00
- I = P × r × n = $12,500.00 × 0.05 × 2
- = $1,250.00
- Total = $12,500.00 + $1,250.00 = $13,750.00
5.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
- I = P × r × n = $9,500.00 × 0.08 × 3
- = $2,280.00
- Total = $9,500.00 + $2,280.00 = $11,780.00
6.Find the simple interest on $3,250.00 invested at 2.5% per year for 6 years. What is the total value at the end?
Answer: Interest $487.50; total $3,737.50
- I = P × r × n = $3,250.00 × 0.025 × 6
- = $487.50
- Total = $3,250.00 + $487.50 = $3,737.50
7.Find the simple interest on $3,750.00 invested at 6% per year for 6 years. What is the total value at the end?
Answer: Interest $1,350.00; total $5,100.00
- I = P × r × n = $3,750.00 × 0.06 × 6
- = $1,350.00
- Total = $3,750.00 + $1,350.00 = $5,100.00
8.Find the simple interest on $7,500.00 invested at 3% per year for 5 years. What is the total value at the end?
Answer: Interest $1,125.00; total $8,625.00
- I = P × r × n = $7,500.00 × 0.03 × 5
- = $1,125.00
- Total = $7,500.00 + $1,125.00 = $8,625.00
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