11th Grade Simple and Compound Interest Worksheet — Level 1 — Answers
Answer sheet with worked solutions for the 11th Grade financial math worksheet.
Success TutoringWorksheetsAnswer sheet11th Grade · Mathematics · Financial Mathematics11th 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 $2,500.00 invested at 6% per year for 6 years. What is the total value at the end?
Answer: Interest $900.00; total $3,400.00
- I = P × r × n = $2,500.00 × 0.06 × 6
- = $900.00
- Total = $2,500.00 + $900.00 = $3,400.00
2.Find the simple interest on $1,000.00 invested at 5% per year for 4 years. What is the total value at the end?
Answer: Interest $200.00; total $1,200.00
- I = P × r × n = $1,000.00 × 0.05 × 4
- = $200.00
- Total = $1,000.00 + $200.00 = $1,200.00
3.Find the simple interest on $3,000.00 invested at 4% per year for 4 years. What is the total value at the end?
Answer: Interest $480.00; total $3,480.00
- I = P × r × n = $3,000.00 × 0.04 × 4
- = $480.00
- Total = $3,000.00 + $480.00 = $3,480.00
4.Find the simple interest on $13,750.00 invested at 2.5% per year for 2 years. What is the total value at the end?
Answer: Interest $687.50; total $14,437.50
- I = P × r × n = $13,750.00 × 0.025 × 2
- = $687.50
- Total = $13,750.00 + $687.50 = $14,437.50
5.Find the simple interest on $7,500.00 invested at 8% per year for 3 years. What is the total value at the end?
Answer: Interest $1,800.00; total $9,300.00
- I = P × r × n = $7,500.00 × 0.08 × 3
- = $1,800.00
- Total = $7,500.00 + $1,800.00 = $9,300.00
6.Find the simple interest on $7,750.00 invested at 3% per year for 5 years. What is the total value at the end?
Answer: Interest $1,162.50; total $8,912.50
- I = P × r × n = $7,750.00 × 0.03 × 5
- = $1,162.50
- Total = $7,750.00 + $1,162.50 = $8,912.50
7.Find the simple interest on $4,750.00 invested at 2% per year for 5 years. What is the total value at the end?
Answer: Interest $475.00; total $5,225.00
- I = P × r × n = $4,750.00 × 0.02 × 5
- = $475.00
- Total = $4,750.00 + $475.00 = $5,225.00
8.Find the simple interest on $12,500.00 invested at 4.5% per year for 2 years. What is the total value at the end?
Answer: Interest $1,125.00; total $13,625.00
- I = P × r × n = $12,500.00 × 0.045 × 2
- = $1,125.00
- Total = $12,500.00 + $1,125.00 = $13,625.00
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