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Money Word Problems

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In money word problems, always read the question carefully. Think about the situation and determine what the problem is asking for.

Important tips for solving money word problems

  • Identify what the problem is asking you to find.
  • Think through the situation.
  • Decide if you need to add, subtract, multiply or divide.
  • Don't forget to ask yourself if your answer makes sense. This can often help you catch a mistake.

Let's take a look at some examples :

Example 1

 

Alicia is selling bracelets for $3.50 each. If she sells 8 bracelets, how much money will she make?

When we think about the situation, we realize she'll make $3.50 each time she sells a bracelet, and if she sells 8 of them, that's $3.50 (8 times).

Can you tell whether we should add, subtract, multiply, or divide?

Well, we need to find what is $3.50 (8 times) - so we'll multiply.

$3.50 x 8 = $28.00

So, Alicia earned $28.00.

Does this make sense?

Yes, it's reasonable that 8 bracelets would be worth $28.00. (If we had divided and gotten $0.44, we would realize 44 cents is less than what one bracelet costs, and that answer doesn't make sense).

 

Example 2

 

Brandon's dad took his family out to eat. The meals cost $34.95 and the tax is $2.10. His dad also wants to leave a tip of $7.00. What is the total cost of the meal?

The word total is a big clue about whether we should add, subtract, multiply, or divide.

He paid $34.95, then $2.10, and $7.00 more. What should we do?

We need to add.

$34.95 + $2.10 + $7.00 = $44.05

So, the total cost of meal is $44.05.

Is this a reasonable answer?

Yes, if we estimate, the cost is around $44 ( $35 + $2 + $7). Our answer is very close to this.

 

Example 3

 

Isaiah wants to buy a new sweatshirt that costs $28.95. He has already saved $23.80. How much more money does he need?

He already has $23.80 and needs $28.95.

So, should we add, subtract, multiply, or divide?

To find out how much more money does he need, we need to subtract:

$28.95 - $23.80 = $5.15

So, Isaiah need $5.15 more.

Does this answer make sense?

Yes, if he gets around $5 more, he'll have the money he needs.

Summary
  • Read the question carefully and identify what the problem is asking you to find.
  • Think through the situation.
  • Decide if you need to add, subtract, multiply, or divide.
  • Ask yourself if your answer makes sense.

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