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11th Grade Simple and Compound Interest Worksheet — Level 2 — 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 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 $4,250.00 invested at 5% per year for 2 years. What is the total value at the end?

Answer: Interest $425.00; total $4,675.00

  1. I = P × r × n = $4,250.00 × 0.05 × 2
  2. = $425.00
  3. Total = $4,250.00 + $425.00 = $4,675.00
2.Find the simple interest on $6,250.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $1,250.00; total $7,500.00

  1. I = P × r × n = $6,250.00 × 0.04 × 5
  2. = $1,250.00
  3. Total = $6,250.00 + $1,250.00 = $7,500.00
3.Find the simple interest on $11,750.00 invested at 3% per year for 4 years. What is the total value at the end?

Answer: Interest $1,410.00; total $13,160.00

  1. I = P × r × n = $11,750.00 × 0.03 × 4
  2. = $1,410.00
  3. Total = $11,750.00 + $1,410.00 = $13,160.00
4.Find the simple interest on $6,250.00 invested at 6% per year for 4 years. What is the total value at the end?

Answer: Interest $1,500.00; total $7,750.00

  1. I = P × r × n = $6,250.00 × 0.06 × 4
  2. = $1,500.00
  3. Total = $6,250.00 + $1,500.00 = $7,750.00
5.Find the simple interest on $14,500.00 invested at 8% per year for 4 years. What is the total value at the end?

Answer: Interest $4,640.00; total $19,140.00

  1. I = P × r × n = $14,500.00 × 0.08 × 4
  2. = $4,640.00
  3. Total = $14,500.00 + $4,640.00 = $19,140.00
6.$14,500.00 is invested at 6% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $17,269.73; interest $2,769.73

  1. A = P(1 + r)n = $14,500.00 × (1 + 0.06)3
  2. = $14,500.00 × 1.191016
  3. ≈ $17,269.73
  4. Interest = $17,269.73 − $14,500.00 = $2,769.73
7.$2,250.00 is invested at 8% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,570.47; interest $1,320.47

  1. A = P(1 + r)n = $2,250.00 × (1 + 0.08)6
  2. = $2,250.00 × 1.586874
  3. ≈ $3,570.47
  4. Interest = $3,570.47 − $2,250.00 = $1,320.47
8.$9,500.00 is invested at 2.5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $11,017.09; interest $1,517.09

  1. A = P(1 + r)n = $9,500.00 × (1 + 0.025)6
  2. = $9,500.00 × 1.159693
  3. ≈ $11,017.09
  4. Interest = $11,017.09 − $9,500.00 = $1,517.09
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