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11th Grade Simple and Compound Interest Worksheet — Level 2 — Practice Set 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 — 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 $14,500.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $1,305.00; total $15,805.00

  1. I = P × r × n = $14,500.00 × 0.03 × 3
  2. = $1,305.00
  3. Total = $14,500.00 + $1,305.00 = $15,805.00
2.Find the simple interest on $9,750.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $1,755.00; total $11,505.00

  1. I = P × r × n = $9,750.00 × 0.03 × 6
  2. = $1,755.00
  3. Total = $9,750.00 + $1,755.00 = $11,505.00
3.$3,750.00 is invested at 8% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $4,723.92; interest $973.92

  1. A = P(1 + r)n = $3,750.00 × (1 + 0.08)3
  2. = $3,750.00 × 1.259712
  3. ≈ $4,723.92
  4. Interest = $4,723.92 − $3,750.00 = $973.92
4.Find the simple interest on $2,500.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $225.00; total $2,725.00

  1. I = P × r × n = $2,500.00 × 0.045 × 2
  2. = $225.00
  3. Total = $2,500.00 + $225.00 = $2,725.00
5.Find the simple interest on $7,750.00 invested at 2% per year for 5 years. What is the total value at the end?

Answer: Interest $775.00; total $8,525.00

  1. I = P × r × n = $7,750.00 × 0.02 × 5
  2. = $775.00
  3. Total = $7,750.00 + $775.00 = $8,525.00
6.Find the simple interest on $8,750.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $656.25; total $9,406.25

  1. I = P × r × n = $8,750.00 × 0.025 × 3
  2. = $656.25
  3. Total = $8,750.00 + $656.25 = $9,406.25
7.$11,500.00 is invested at 4.5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $14,975.99; interest $3,475.99

  1. A = P(1 + r)n = $11,500.00 × (1 + 0.045)6
  2. = $11,500.00 × 1.30226
  3. ≈ $14,975.99
  4. Interest = $14,975.99 − $11,500.00 = $3,475.99
8.$4,250.00 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 $6,744.22; interest $2,494.22

  1. A = P(1 + r)n = $4,250.00 × (1 + 0.08)6
  2. = $4,250.00 × 1.586874
  3. ≈ $6,744.22
  4. Interest = $6,744.22 − $4,250.00 = $2,494.22
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