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10th Grade Simple and Compound Interest Worksheet — Level 2 — 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 2 — 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 $12,250.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $3,675.00; total $15,925.00

  1. I = P × r × n = $12,250.00 × 0.06 × 5
  2. = $3,675.00
  3. Total = $12,250.00 + $3,675.00 = $15,925.00
2.Find the simple interest on $9,750.00 invested at 6% per year for 6 years. What is the total value at the end?

Answer: Interest $3,510.00; total $13,260.00

  1. I = P × r × n = $9,750.00 × 0.06 × 6
  2. = $3,510.00
  3. Total = $9,750.00 + $3,510.00 = $13,260.00
3.Find the simple interest on $2,500.00 invested at 3% per year for 4 years. What is the total value at the end?

Answer: Interest $300.00; total $2,800.00

  1. I = P × r × n = $2,500.00 × 0.03 × 4
  2. = $300.00
  3. Total = $2,500.00 + $300.00 = $2,800.00
4.$6,250.00 is invested at 5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,375.60; interest $2,125.60

  1. A = P(1 + r)n = $6,250.00 × (1 + 0.05)6
  2. = $6,250.00 × 1.340096
  3. ≈ $8,375.60
  4. Interest = $8,375.60 − $6,250.00 = $2,125.60
5.Find the simple interest on $8,750.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $350.00; total $9,100.00

  1. I = P × r × n = $8,750.00 × 0.02 × 2
  2. = $350.00
  3. Total = $8,750.00 + $350.00 = $9,100.00
6.Find the simple interest on $13,250.00 invested at 6% per year for 6 years. What is the total value at the end?

Answer: Interest $4,770.00; total $18,020.00

  1. I = P × r × n = $13,250.00 × 0.06 × 6
  2. = $4,770.00
  3. Total = $13,250.00 + $4,770.00 = $18,020.00
7.Find the simple interest on $11,500.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $862.50; total $12,362.50

  1. I = P × r × n = $11,500.00 × 0.025 × 3
  2. = $862.50
  3. Total = $11,500.00 + $862.50 = $12,362.50
8.$14,500.00 is invested at 2.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $16,405.42; interest $1,905.42

  1. A = P(1 + r)n = $14,500.00 × (1 + 0.025)5
  2. = $14,500.00 × 1.131408
  3. ≈ $16,405.42
  4. Interest = $16,405.42 − $14,500.00 = $1,905.42
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