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

Show your work. Write the rate as a decimal (5% = 0.05). Round money to the nearest cent.

1.$6,750.00 is invested at 6% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,033.02; interest $2,283.02

  1. A = P(1 + r)n = $6,750.00 × (1 + 0.06)5
  2. = $6,750.00 × 1.338226
  3. ≈ $9,033.02
  4. Interest = $9,033.02 − $6,750.00 = $2,283.02
2.Find the simple interest on $13,000.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $2,080.00; total $15,080.00

  1. I = P × r × n = $13,000.00 × 0.04 × 4
  2. = $2,080.00
  3. Total = $13,000.00 + $2,080.00 = $15,080.00
3.$7,750.00 is invested at 5% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,420.17; interest $1,670.17

  1. A = P(1 + r)n = $7,750.00 × (1 + 0.05)4
  2. = $7,750.00 × 1.215506
  3. ≈ $9,420.17
  4. Interest = $9,420.17 − $7,750.00 = $1,670.17
4.$5,250.00 is invested at 5% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $5,788.13; interest $538.13

  1. A = P(1 + r)n = $5,250.00 × (1 + 0.05)2
  2. = $5,250.00 × 1.1025
  3. ≈ $5,788.13
  4. Interest = $5,788.13 − $5,250.00 = $538.13
5.$7,000.00 is invested at 5% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $7,717.50; interest $717.50

  1. A = P(1 + r)n = $7,000.00 × (1 + 0.05)2
  2. = $7,000.00 × 1.1025
  3. ≈ $7,717.50
  4. Interest = $7,717.50 − $7,000.00 = $717.50
6.Find the simple interest on $2,250.00 invested at 3% per year for 5 years. What is the total value at the end?

Answer: Interest $337.50; total $2,587.50

  1. I = P × r × n = $2,250.00 × 0.03 × 5
  2. = $337.50
  3. Total = $2,250.00 + $337.50 = $2,587.50
7.Find the simple interest on $6,750.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $270.00; total $7,020.00

  1. I = P × r × n = $6,750.00 × 0.02 × 2
  2. = $270.00
  3. Total = $6,750.00 + $270.00 = $7,020.00
8.$1,500.00 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 $2,380.31; interest $880.31

  1. A = P(1 + r)n = $1,500.00 × (1 + 0.08)6
  2. = $1,500.00 × 1.586874
  3. ≈ $2,380.31
  4. Interest = $2,380.31 − $1,500.00 = $880.31
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