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10th Grade Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — Answers

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

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10th Grade Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — 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 $6,250.00 invested at 5% per year for 2 years. What is the total value at the end?

Answer: Interest $625.00; total $6,875.00

  1. I = P × r × n = $6,250.00 × 0.05 × 2
  2. = $625.00
  3. Total = $6,250.00 + $625.00 = $6,875.00
2.Find the simple interest on $12,750.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $2,550.00; total $15,300.00

  1. I = P × r × n = $12,750.00 × 0.04 × 5
  2. = $2,550.00
  3. Total = $12,750.00 + $2,550.00 = $15,300.00
3.Find the simple interest on $12,000.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,800.00; total $13,800.00

  1. I = P × r × n = $12,000.00 × 0.025 × 6
  2. = $1,800.00
  3. Total = $12,000.00 + $1,800.00 = $13,800.00
4.Find the simple interest on $10,250.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $4,920.00; total $15,170.00

  1. I = P × r × n = $10,250.00 × 0.08 × 6
  2. = $4,920.00
  3. Total = $10,250.00 + $4,920.00 = $15,170.00
5.Find the simple interest on $7,750.00 invested at 4% per year for 3 years. What is the total value at the end?

Answer: Interest $930.00; total $8,680.00

  1. I = P × r × n = $7,750.00 × 0.04 × 3
  2. = $930.00
  3. Total = $7,750.00 + $930.00 = $8,680.00
6.Find the simple interest on $2,000.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $360.00; total $2,360.00

  1. I = P × r × n = $2,000.00 × 0.045 × 4
  2. = $360.00
  3. Total = $2,000.00 + $360.00 = $2,360.00
7.Find the simple interest on $4,750.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $427.50; total $5,177.50

  1. I = P × r × n = $4,750.00 × 0.03 × 3
  2. = $427.50
  3. Total = $4,750.00 + $427.50 = $5,177.50
8.Find the simple interest on $5,250.00 invested at 3% per year for 4 years. What is the total value at the end?

Answer: Interest $630.00; total $5,880.00

  1. I = P × r × n = $5,250.00 × 0.03 × 4
  2. = $630.00
  3. Total = $5,250.00 + $630.00 = $5,880.00
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