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10th Grade Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — Answers

Answer sheet with worked solutions for the 10th Grade financial math worksheet.

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Success TutoringWorksheetsAnswer sheet10th Grade · Mathematics · Financial Mathematics

10th Grade Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — 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 $11,000.00 invested at 8% per year for 4 years. What is the total value at the end?

Answer: Interest $3,520.00; total $14,520.00

  1. I = P × r × n = $11,000.00 × 0.08 × 4
  2. = $3,520.00
  3. Total = $11,000.00 + $3,520.00 = $14,520.00
2.Find the simple interest on $11,500.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,725.00; total $13,225.00

  1. I = P × r × n = $11,500.00 × 0.025 × 6
  2. = $1,725.00
  3. Total = $11,500.00 + $1,725.00 = $13,225.00
3.Find the simple interest on $10,500.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $840.00; total $11,340.00

  1. I = P × r × n = $10,500.00 × 0.04 × 2
  2. = $840.00
  3. Total = $10,500.00 + $840.00 = $11,340.00
4.Find the simple interest on $3,750.00 invested at 5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,125.00; total $4,875.00

  1. I = P × r × n = $3,750.00 × 0.05 × 6
  2. = $1,125.00
  3. Total = $3,750.00 + $1,125.00 = $4,875.00
5.Find the simple interest on $11,250.00 invested at 2% per year for 5 years. What is the total value at the end?

Answer: Interest $1,125.00; total $12,375.00

  1. I = P × r × n = $11,250.00 × 0.02 × 5
  2. = $1,125.00
  3. Total = $11,250.00 + $1,125.00 = $12,375.00
6.Find the simple interest on $5,000.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $625.00; total $5,625.00

  1. I = P × r × n = $5,000.00 × 0.025 × 5
  2. = $625.00
  3. Total = $5,000.00 + $625.00 = $5,625.00
7.Find the simple interest on $2,750.00 invested at 5% per year for 2 years. What is the total value at the end?

Answer: Interest $275.00; total $3,025.00

  1. I = P × r × n = $2,750.00 × 0.05 × 2
  2. = $275.00
  3. Total = $2,750.00 + $275.00 = $3,025.00
8.Find the simple interest on $8,750.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,093.75; total $9,843.75

  1. I = P × r × n = $8,750.00 × 0.025 × 5
  2. = $1,093.75
  3. Total = $8,750.00 + $1,093.75 = $9,843.75
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