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9th Grade Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — Answers

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

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9th Grade Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 $13,250.00 invested at 4% per year for 6 years. What is the total value at the end?

Answer: Interest $3,180.00; total $16,430.00

  1. I = P × r × n = $13,250.00 × 0.04 × 6
  2. = $3,180.00
  3. Total = $13,250.00 + $3,180.00 = $16,430.00
2.$2,500.00 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 $3,038.77; interest $538.77

  1. A = P(1 + r)n = $2,500.00 × (1 + 0.05)4
  2. = $2,500.00 × 1.215506
  3. ≈ $3,038.77
  4. Interest = $3,038.77 − $2,500.00 = $538.77
3.$13,000.00 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 $20,629.37; interest $7,629.37

  1. A = P(1 + r)n = $13,000.00 × (1 + 0.08)6
  2. = $13,000.00 × 1.586874
  3. ≈ $20,629.37
  4. Interest = $20,629.37 − $13,000.00 = $7,629.37
4.Find the simple interest on $8,250.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $495.00; total $8,745.00

  1. I = P × r × n = $8,250.00 × 0.02 × 3
  2. = $495.00
  3. Total = $8,250.00 + $495.00 = $8,745.00
5.Find the simple interest on $12,250.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $612.50; total $12,862.50

  1. I = P × r × n = $12,250.00 × 0.025 × 2
  2. = $612.50
  3. Total = $12,250.00 + $612.50 = $12,862.50
6.$3,750.00 is invested at 4% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $4,744.95; interest $994.95

  1. A = P(1 + r)n = $3,750.00 × (1 + 0.04)6
  2. = $3,750.00 × 1.265319
  3. ≈ $4,744.95
  4. Interest = $4,744.95 − $3,750.00 = $994.95
7.Find the simple interest on $11,750.00 invested at 2% per year for 4 years. What is the total value at the end?

Answer: Interest $940.00; total $12,690.00

  1. I = P × r × n = $11,750.00 × 0.02 × 4
  2. = $940.00
  3. Total = $11,750.00 + $940.00 = $12,690.00
8.$14,000.00 is invested at 5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $18,761.34; interest $4,761.34

  1. A = P(1 + r)n = $14,000.00 × (1 + 0.05)6
  2. = $14,000.00 × 1.340096
  3. ≈ $18,761.34
  4. Interest = $18,761.34 − $14,000.00 = $4,761.34
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