11th Grade Simple and Compound Interest Worksheet — Level 1 — Practice Set 2 — 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 — 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 2 years. What is the total value at the end?
Answer: Interest $1,760.00; total $12,760.00
- I = P × r × n = $11,000.00 × 0.08 × 2
- = $1,760.00
- Total = $11,000.00 + $1,760.00 = $12,760.00
2.Find the simple interest on $12,750.00 invested at 2% per year for 5 years. What is the total value at the end?
Answer: Interest $1,275.00; total $14,025.00
- I = P × r × n = $12,750.00 × 0.02 × 5
- = $1,275.00
- Total = $12,750.00 + $1,275.00 = $14,025.00
3.Find the simple interest on $7,750.00 invested at 4.5% per year for 6 years. What is the total value at the end?
Answer: Interest $2,092.50; total $9,842.50
- I = P × r × n = $7,750.00 × 0.045 × 6
- = $2,092.50
- Total = $7,750.00 + $2,092.50 = $9,842.50
4.Find the simple interest on $2,500.00 invested at 5% per year for 3 years. What is the total value at the end?
Answer: Interest $375.00; total $2,875.00
- I = P × r × n = $2,500.00 × 0.05 × 3
- = $375.00
- Total = $2,500.00 + $375.00 = $2,875.00
5.Find the simple interest on $6,250.00 invested at 2% per year for 4 years. What is the total value at the end?
Answer: Interest $500.00; total $6,750.00
- I = P × r × n = $6,250.00 × 0.02 × 4
- = $500.00
- Total = $6,250.00 + $500.00 = $6,750.00
6.Find the simple interest on $8,250.00 invested at 2% per year for 2 years. What is the total value at the end?
Answer: Interest $330.00; total $8,580.00
- I = P × r × n = $8,250.00 × 0.02 × 2
- = $330.00
- Total = $8,250.00 + $330.00 = $8,580.00
7.Find the simple interest on $10,250.00 invested at 6% per year for 3 years. What is the total value at the end?
Answer: Interest $1,845.00; total $12,095.00
- I = P × r × n = $10,250.00 × 0.06 × 3
- = $1,845.00
- Total = $10,250.00 + $1,845.00 = $12,095.00
8.Find the simple interest on $3,000.00 invested at 8% per year for 4 years. What is the total value at the end?
Answer: Interest $960.00; total $3,960.00
- I = P × r × n = $3,000.00 × 0.08 × 4
- = $960.00
- Total = $3,000.00 + $960.00 = $3,960.00
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