Money and Pricing Problems
Calculating Total Cost
Emma buys 3 notebooks at 4.50 dollars each and 2 pens at 1.75 dollars each. What is her total cost?
Calculate the cost of notebooks: $3 \times 4.50 = 13.50$ dollars = 13.50 dollars for notebooks
Calculate the cost of pens: $2 \times 1.75 = 3.50$ dollars = 3.50 dollars for pens
Add both amounts: $13.50 + 3.50 = 17.00$ dollars = Total: 17.00 dollars
Answer: Emma's total cost is 17.00 dollars.
Making Change
Marcus buys a sandwich for 8.75 dollars and pays with a 20 dollar bill. How much change should he receive?
Identify the operation: Change = Payment - Cost = We need to subtract
Set up the equation: Change $= 20.00 - 8.75$ = Ready to calculate
Calculate the change: $20.00 - 8.75 = 11.25$ = 11.25 dollars change
Answer: Marcus should receive 11.25 dollars in change.
Discount Problem
A jacket originally costs 80 dollars and is on sale for 25% off. What is the sale price?
Calculate the discount amount: $80 \times 0.25 = 20$ dollars = Discount is 20 dollars
Subtract discount from original price: $80 - 20 = 60$ dollars = Sale price: 60 dollars
Alternative method (multiply by remaining %): $80 \times 0.75 = 60$ dollars = Same answer: 60 dollars
Answer: The sale price of the jacket is 60 dollars.
Unit Price Comparison
A 12-pack of juice boxes costs 6.00 dollars. A 20-pack costs 9.00 dollars. Which is the better value?
Find unit price of 12-pack: $6.00 \div 12 = 0.50$ dollars per box = 0.50 dollars each
Find unit price of 20-pack: $9.00 \div 20 = 0.45$ dollars per box = 0.45 dollars each
Compare unit prices: $0.45 < 0.50$ = 20-pack is cheaper per box
Answer: The 20-pack is the better value at 0.45 dollars per box (vs 0.50 dollars per box).
Multi-Step Problem with Tax
Sofia buys a book for 15.00 dollars and a backpack for 35.00 dollars. If sales tax is 8%, what is her total cost including tax?
Find the subtotal: $15.00 + 35.00 = 50.00$ dollars = Subtotal: 50.00 dollars
Calculate the tax: $50.00 \times 0.08 = 4.00$ dollars = Tax: 4.00 dollars
Add tax to subtotal: $50.00 + 4.00 = 54.00$ dollars = Total with tax: 54.00 dollars
Answer: Sofia's total cost including tax is 54.00 dollars.
Mistake: Forgetting to multiply quantity times price
Why: When buying multiple items, students sometimes just add the price once instead of multiplying.
Correct: If you buy 4 items at 3 dollars each, the cost is $4 \times 3 = 12$ dollars, not just 3 dollars.
Mistake: Subtracting discount percentage from price instead of calculating the actual discount
Why: A 20% discount on 50 dollars is not 50 - 20 = 30 dollars.
Correct: First calculate: $50 \times 0.20 = 10$ dollars discount. Then: $50 - 10 = 40$ dollars.
Mistake: Confusing which number to divide when finding unit price
Why: To find price per item, some students divide items by price instead of price by items.
Correct: Unit price = Total price divided by number of items. For 6 dollars for 3 items: $6 \div 3 = 2$ dollars per item.
Mistake: Adding tax before calculating discounts
Why: Tax should be calculated on the final price after any discounts are applied.
Correct: First apply the discount, then calculate tax on the discounted price.
Shopping with a Budget
When shopping with limited money, you need to track your running total to stay within budget.
You have 25 dollars. A shirt costs 12.99 dollars and socks cost 5.49 dollars. Your total is $12.99 + 5.49 = 18.48$ dollars, leaving you $25 - 18.48 = 6.52$ dollars.
Comparing Store Prices
Smart shoppers compare unit prices to find the best deal, especially when packages come in different sizes.
Store A sells 6 apples for 3.00 dollars (0.50 dollars each). Store B sells 8 apples for 3.60 dollars (0.45 dollars each). Store B has the better price per apple.
Restaurant Bills and Tips
When dining out, you need to calculate tips based on the bill amount and sometimes split costs with friends.
A meal costs 32 dollars. A 15% tip is $32 \times 0.15 = 4.80$ dollars. Total with tip: $32 + 4.80 = 36.80$ dollars.
Read money problems carefully to identify what you need to find (total, change, discount, unit price)
Total cost = quantity multiplied by price per item, then add all items together
Change = payment amount minus purchase amount
Discount amount = original price multiplied by discount percentage as a decimal
Sale price = original price minus discount amount (or original price multiplied by remaining percentage)
Unit price = total price divided by number of items (useful for comparing values)
Always check your answer makes sense - change should be less than payment, sales price should be less than original
Q: How do I convert a percentage to a decimal for calculations?
A: Divide the percentage by 100. For example, 25% becomes $25 \div 100 = 0.25$. Then multiply by this decimal.
Q: Should I calculate tax before or after a discount?
A: Always apply discounts first, then calculate tax on the discounted price. This gives you the correct final total.
Q: How do I know which size is a better deal?
A: Calculate the unit price (price per item or per unit of measurement) for each size. The lower unit price is the better deal.
Money and Pricing Problems
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Money and Pricing Problems
Learn to solve real-world word problems involving money, prices, discounts, and making change.