10th Grade Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — 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 — Practice Set 4 — 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 $13,250.00 invested at 2% per year for 2 years. What is the total value at the end?
Answer: Interest $530.00; total $13,780.00
- I = P × r × n = $13,250.00 × 0.02 × 2
- = $530.00
- Total = $13,250.00 + $530.00 = $13,780.00
2.Find the simple interest on $8,250.00 invested at 4% per year for 2 years. What is the total value at the end?
Answer: Interest $660.00; total $8,910.00
- I = P × r × n = $8,250.00 × 0.04 × 2
- = $660.00
- Total = $8,250.00 + $660.00 = $8,910.00
3.Find the simple interest on $9,250.00 invested at 6% per year for 5 years. What is the total value at the end?
Answer: Interest $2,775.00; total $12,025.00
- I = P × r × n = $9,250.00 × 0.06 × 5
- = $2,775.00
- Total = $9,250.00 + $2,775.00 = $12,025.00
4.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
- I = P × r × n = $11,000.00 × 0.08 × 4
- = $3,520.00
- Total = $11,000.00 + $3,520.00 = $14,520.00
5.Find the simple interest on $11,500.00 invested at 3% per year for 6 years. What is the total value at the end?
Answer: Interest $2,070.00; total $13,570.00
- I = P × r × n = $11,500.00 × 0.03 × 6
- = $2,070.00
- Total = $11,500.00 + $2,070.00 = $13,570.00
6.Find the simple interest on $4,750.00 invested at 6% per year for 2 years. What is the total value at the end?
Answer: Interest $570.00; total $5,320.00
- I = P × r × n = $4,750.00 × 0.06 × 2
- = $570.00
- Total = $4,750.00 + $570.00 = $5,320.00
7.Find the simple interest on $8,500.00 invested at 5% per year for 6 years. What is the total value at the end?
Answer: Interest $2,550.00; total $11,050.00
- I = P × r × n = $8,500.00 × 0.05 × 6
- = $2,550.00
- Total = $8,500.00 + $2,550.00 = $11,050.00
8.Find the simple interest on $13,750.00 invested at 5% per year for 6 years. What is the total value at the end?
Answer: Interest $4,125.00; total $17,875.00
- I = P × r × n = $13,750.00 × 0.05 × 6
- = $4,125.00
- Total = $13,750.00 + $4,125.00 = $17,875.00
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