11th Grade Simple and Compound Interest Worksheet — Level 1 — Practice Set 3 — 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 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 $7,000.00 invested at 5% per year for 2 years. What is the total value at the end?
Answer: Interest $700.00; total $7,700.00
- I = P × r × n = $7,000.00 × 0.05 × 2
- = $700.00
- Total = $7,000.00 + $700.00 = $7,700.00
2.Find the simple interest on $6,250.00 invested at 4.5% per year for 4 years. What is the total value at the end?
Answer: Interest $1,125.00; total $7,375.00
- I = P × r × n = $6,250.00 × 0.045 × 4
- = $1,125.00
- Total = $6,250.00 + $1,125.00 = $7,375.00
3.Find the simple interest on $8,000.00 invested at 8% per year for 5 years. What is the total value at the end?
Answer: Interest $3,200.00; total $11,200.00
- I = P × r × n = $8,000.00 × 0.08 × 5
- = $3,200.00
- Total = $8,000.00 + $3,200.00 = $11,200.00
4.Find the simple interest on $11,500.00 invested at 8% per year for 3 years. What is the total value at the end?
Answer: Interest $2,760.00; total $14,260.00
- I = P × r × n = $11,500.00 × 0.08 × 3
- = $2,760.00
- Total = $11,500.00 + $2,760.00 = $14,260.00
5.Find the simple interest on $4,250.00 invested at 4.5% per year for 6 years. What is the total value at the end?
Answer: Interest $1,147.50; total $5,397.50
- I = P × r × n = $4,250.00 × 0.045 × 6
- = $1,147.50
- Total = $4,250.00 + $1,147.50 = $5,397.50
6.Find the simple interest on $10,500.00 invested at 2.5% per year for 3 years. What is the total value at the end?
Answer: Interest $787.50; total $11,287.50
- I = P × r × n = $10,500.00 × 0.025 × 3
- = $787.50
- Total = $10,500.00 + $787.50 = $11,287.50
7.Find the simple interest on $3,250.00 invested at 2% per year for 2 years. What is the total value at the end?
Answer: Interest $130.00; total $3,380.00
- I = P × r × n = $3,250.00 × 0.02 × 2
- = $130.00
- Total = $3,250.00 + $130.00 = $3,380.00
8.Find the simple interest on $1,000.00 invested at 8% per year for 2 years. What is the total value at the end?
Answer: Interest $160.00; total $1,160.00
- I = P × r × n = $1,000.00 × 0.08 × 2
- = $160.00
- Total = $1,000.00 + $160.00 = $1,160.00
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