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9th Grade Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — 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 3 — Answers

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

1.$13,750.00 is invested at 6% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,449.50; interest $1,699.50

  1. A = P(1 + r)n = $13,750.00 × (1 + 0.06)2
  2. = $13,750.00 × 1.1236
  3. ≈ $15,449.50
  4. Interest = $15,449.50 − $13,750.00 = $1,699.50
2.Find the simple interest on $6,750.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $2,025.00; total $8,775.00

  1. I = P × r × n = $6,750.00 × 0.06 × 5
  2. = $2,025.00
  3. Total = $6,750.00 + $2,025.00 = $8,775.00
3.$14,000.00 is invested at 2% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,154.05; interest $1,154.05

  1. A = P(1 + r)n = $14,000.00 × (1 + 0.02)4
  2. = $14,000.00 × 1.082432
  3. ≈ $15,154.05
  4. Interest = $15,154.05 − $14,000.00 = $1,154.05
4.Find the simple interest on $12,250.00 invested at 4% per year for 6 years. What is the total value at the end?

Answer: Interest $2,940.00; total $15,190.00

  1. I = P × r × n = $12,250.00 × 0.04 × 6
  2. = $2,940.00
  3. Total = $12,250.00 + $2,940.00 = $15,190.00
5.Find the simple interest on $7,000.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,750.00; total $8,750.00

  1. I = P × r × n = $7,000.00 × 0.05 × 5
  2. = $1,750.00
  3. Total = $7,000.00 + $1,750.00 = $8,750.00
6.$13,750.00 is invested at 3% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $16,418.22; interest $2,668.22

  1. A = P(1 + r)n = $13,750.00 × (1 + 0.03)6
  2. = $13,750.00 × 1.194052
  3. ≈ $16,418.22
  4. Interest = $16,418.22 − $13,750.00 = $2,668.22
7.$10,750.00 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 $13,999.30; interest $3,249.30

  1. A = P(1 + r)n = $10,750.00 × (1 + 0.045)6
  2. = $10,750.00 × 1.30226
  3. ≈ $13,999.30
  4. Interest = $13,999.30 − $10,750.00 = $3,249.30
8.$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
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