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11th Grade Simple and Compound Interest Worksheet — Level 1 — Practice Set 4 — Answers

Answer sheet with worked solutions for the 11th Grade financial math worksheet.

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Success TutoringWorksheetsAnswer sheet11th Grade · Mathematics · Financial Mathematics

11th 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 $1,500.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $112.50; total $1,612.50

  1. I = P × r × n = $1,500.00 × 0.025 × 3
  2. = $112.50
  3. Total = $1,500.00 + $112.50 = $1,612.50
2.Find the simple interest on $6,500.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $650.00; total $7,150.00

  1. I = P × r × n = $6,500.00 × 0.025 × 4
  2. = $650.00
  3. Total = $6,500.00 + $650.00 = $7,150.00
3.Find the simple interest on $4,500.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $2,160.00; total $6,660.00

  1. I = P × r × n = $4,500.00 × 0.08 × 6
  2. = $2,160.00
  3. Total = $4,500.00 + $2,160.00 = $6,660.00
4.Find the simple interest on $5,750.00 invested at 6% per year for 4 years. What is the total value at the end?

Answer: Interest $1,380.00; total $7,130.00

  1. I = P × r × n = $5,750.00 × 0.06 × 4
  2. = $1,380.00
  3. Total = $5,750.00 + $1,380.00 = $7,130.00
5.Find the simple interest on $12,500.00 invested at 6% per year for 4 years. What is the total value at the end?

Answer: Interest $3,000.00; total $15,500.00

  1. I = P × r × n = $12,500.00 × 0.06 × 4
  2. = $3,000.00
  3. Total = $12,500.00 + $3,000.00 = $15,500.00
6.Find the simple interest on $1,750.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $87.50; total $1,837.50

  1. I = P × r × n = $1,750.00 × 0.025 × 2
  2. = $87.50
  3. Total = $1,750.00 + $87.50 = $1,837.50
7.Find the simple interest on $7,000.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $875.00; total $7,875.00

  1. I = P × r × n = $7,000.00 × 0.025 × 5
  2. = $875.00
  3. Total = $7,000.00 + $875.00 = $7,875.00
8.Find the simple interest on $1,750.00 invested at 3% per year for 2 years. What is the total value at the end?

Answer: Interest $105.00; total $1,855.00

  1. I = P × r × n = $1,750.00 × 0.03 × 2
  2. = $105.00
  3. Total = $1,750.00 + $105.00 = $1,855.00
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