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9th Grade Simple and Compound Interest Worksheet — Level 2 — Answers

Answer sheet with worked solutions for the 9th Grade financial math worksheet.

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Success TutoringWorksheetsAnswer sheet9th Grade · Mathematics · Financial Mathematics

9th 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.$6,000.00 is invested at 2.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $6,788.45; interest $788.45

  1. A = P(1 + r)n = $6,000.00 × (1 + 0.025)5
  2. = $6,000.00 × 1.131408
  3. ≈ $6,788.45
  4. Interest = $6,788.45 − $6,000.00 = $788.45
2.$3,000.00 is invested at 8% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $4,407.98; interest $1,407.98

  1. A = P(1 + r)n = $3,000.00 × (1 + 0.08)5
  2. = $3,000.00 × 1.469328
  3. ≈ $4,407.98
  4. Interest = $4,407.98 − $3,000.00 = $1,407.98
3.$8,000.00 is invested at 3% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,004.07; interest $1,004.07

  1. A = P(1 + r)n = $8,000.00 × (1 + 0.03)4
  2. = $8,000.00 × 1.125509
  3. ≈ $9,004.07
  4. Interest = $9,004.07 − $8,000.00 = $1,004.07
4.Find the simple interest on $5,500.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,375.00; total $6,875.00

  1. I = P × r × n = $5,500.00 × 0.05 × 5
  2. = $1,375.00
  3. Total = $5,500.00 + $1,375.00 = $6,875.00
5.Find the simple interest on $7,250.00 invested at 3% per year for 5 years. What is the total value at the end?

Answer: Interest $1,087.50; total $8,337.50

  1. I = P × r × n = $7,250.00 × 0.03 × 5
  2. = $1,087.50
  3. Total = $7,250.00 + $1,087.50 = $8,337.50
6.$11,000.00 is invested at 4.5% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $12,552.83; interest $1,552.83

  1. A = P(1 + r)n = $11,000.00 × (1 + 0.045)3
  2. = $11,000.00 × 1.141166
  3. ≈ $12,552.83
  4. Interest = $12,552.83 − $11,000.00 = $1,552.83
7.Find the simple interest on $10,250.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $2,050.00; total $12,300.00

  1. I = P × r × n = $10,250.00 × 0.04 × 5
  2. = $2,050.00
  3. Total = $10,250.00 + $2,050.00 = $12,300.00
8.$14,000.00 is invested at 2% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,766.27; interest $1,766.27

  1. A = P(1 + r)n = $14,000.00 × (1 + 0.02)6
  2. = $14,000.00 × 1.126162
  3. ≈ $15,766.27
  4. Interest = $15,766.27 − $14,000.00 = $1,766.27
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