Word problems about money

Word problems with money are first introduced in the Maths Curriculum in Year 2. At this stage, children learn to recognise the different coins and the symbols for pounds and pence; find different combinations of coins and begin to solve simple addition and subtraction word problems.

As pupils progress through primary, they continue to encounter money and word problems involving money, right through to upper Key Stage 2. By Year 6 money is no longer specifically identified in the curriculum. However, pupils continue to be exposed to money word problems, through a range of mathematical concepts and word problems including: addition and subtraction word problems, division word problems, multiplication word problems decimals, fractions, percentages, ratio and algebra.

When children are first introduced to money problems, it is important for them to physically have the money to hold and manipulate, to help solve the problems. As students progress through the school, there is less of a need to have the money physically in their hands. Once they have built confidence in using written calculation methods, they are able to solve more complex problems involving money.

All Kinds of Word Problems

All Kinds of Word Problems

Download this free pack of word problems covering a wide range of maths topics. Perfect for developing your class’ problem solving skills!

Children benefit from regular exposure to word problems, alongside any fluency work they are doing. To help you with this, we have put together a collection of 25 money word problems, which can be used with pupils from Year 2 to Year 6.

Children are also exposed to money word problems in Third Space Learning’s online one-to-one tutoring programmes. Adapted to the needs of each individual students, our programmes help to build maths skills and grow confidence in our young mathematicians.

Example of a money word problem from a Third Space Learning online tuition programme

Money word problems in the national curriculum

Money word problems in Year 2

In Year 2, pupils are introduced to the different coins; learn the symbols for pounds and pence and combine amounts to make a particular value. They work on simple problems in a practical context involving addition word problems, and subtraction word problems of money of the same unit, including giving change.

Money word problems in Year 3

Pupils in Year 3 continue to build on their understanding of money and its use in a practical context. They progress from adding and subtracting money of the same unit, to working with both pounds and pence; adding and subtracting amounts and giving change. Pupils in Year 3 start to solve simple 2-step calculations, by finding totals and working out how much change would be given.

Money word problems in Year 4

In Year 4, the curriculum no longer mentions money under measures, but pupils continue to work with money through fractions and decimals. At this stage, pupils are expected to solve simple measures and money problems involving fractions and decimals to two decimal places.

Money word problems in Year 5

Pupils in Year 5 are becoming more confident with the formal written methods for the four operations and are exposed to money word problems involving all four. They also continue to build on the knowledge of fractions and decimals and are first introduced to percentages through a range of word problems.

Money word problems in Year 6

By Year 6, money is no longer explicitly mentioned in the curriculum, however pupils are exposed to word problems across a range of concepts, including: the four operations, fractions, decimals and percentage word problems, ratio word problems and algebra.

Why are word problems important for children’s understanding of money

Word problems are essential to children’s understanding of money, because they enable students to use money in a range of contexts they will be using in real-life. Confidence with money is a key life skill and it is important children have plenty of exposure to using it in a wide range of contexts. Money problems give children the opportunity to utilise the skills they have learnt in the maths lessons and put them into context, in a situation they understand and can relate to.

How to teach money word problem solving in primary school

Pupils need to be taught the skills needed to solve word problems. It is essential they understand the importance of reading questions carefully, making sure they fully understand what is being asked. They then need to identify which calculation is required and whether there are any concrete resources or pictorial representations they can use to help them, alongside the coins, such as place value counters and bar models.

Here is an example:

An adult’s ticket to the water park costs £15.50, whilst a children’s ticket cost £9.50.

How much would it cost for 2 adults and 2 children to visit the water park and how much change would they get from £100?

How to solve:

What do you already know?

  • We know that an adult ticket costs £15.50 and a child ticket costs £9.50.
  • To calculate the cost of both adults, we are going to need to multiply the £15.50 by 2, or add £15.50 and £15.50.
  • We will also need to do the same with the child’s ticket, costing £9.50.
  • Once we have calculated the total cost of both adults and both children, we’ll need to add these answers together, to establish the total cost for the whole family.
  • To calculate the amount of money from £100, we will need to subtract the total cost for the family from £100.

How can this be represented pictorially?

money bar models

  • We can draw bar models to represent the cost of the adult tickets, child tickets and the total for the family.
  • We can then use the answer from the third bar model to represent finding how much change from £100.
  • We can see from these bar models that there would be £50 left once the family had paid to enter the waterpark.

Money word problems for year 2

Money word problems in Year 2 require students to recognise coins and use the symbols for pounds and pence. Children solve real world problems –  finding totals and calculating change when working with the same unit (pounds or pence). 

Question 1

Mason buys a pen for 14p and a rubber for 8p. How much does he spend altogether?

Answer: 22p

14 + 8 = 22

Question 2

Maisie gets 20p from the tooth fairy. She already had 16p.

How much does she have now?

Answer: 36p

20 + 16 = 36

Question 3

Maisie has 3 coins.

She has 16p in total.

Which 3 coins must she have?

Answer: 10p, 5p and 1p

10 + 5 + 1 = 16

Question 4

Maryam spends 28p on a bag of sweets.

She gets 12p change.

How much did she pay for the bag of sweets?

Answer: 40p

28 + 12 = 40p

Question 5

Hamza has two 20p coins.

He buys a chocolate bar for 30p.

How much change does he get?

Answer: 10p change

20 + 20 = 40

40 – 30 = 10

Money word problems for year 3

Word problems for year 3 build upon the knowledge from year 2,  solving word problems involving both pounds and pence together and calculating change. At this stage, children should be using decimal notation for amounts of money and using both formal and informal methods to add and subtract money amounts in pounds and pence.

Question 1

(Pictures of 1p, 5p, 10p, 20p, 50p and £1 coins here)

Jamie has the coins above in his wallet. If he takes out 3 coins, what is the highest amount he could take out of his wallet?

Answer: £1.70

£1 + 50p + 20p

Question 2

Noah buys 2 chocolate bars for £1.35 each and a packet of crisps for 45p.

How much does he spend altogether?

Answer: £3.15

1.35 x 2 = 2.70

2.70 + 45 = 315

Question 3

Tickets for the school fair are £1.50 for children and £2.50 for adults.

How much will it cost for family of 2 adults and 2 children to go to the fair?

Answer: £8

1.50 x 2 = 3

2.50 x 2 = 5

3 + 5 = 8

Question 4

Jackson buys 4 apples for 30p each and 2 bananas for 25p each.

How much does he spend altogether?

Answer: £1.70

30 x 4 = 120

25 x 2 = 50

120 + 50 = 170

Question 5

Amaya had £10 to spend at a carboot sale.

She bought 2 books for £1.20 each and a pack of pens for £1.50,

How much money did she have left at the end?

Answer: £6.10

Children should be able to solve each part mentally, by adding the pounds and then the pence.

1.20 +1.20 = 2.40

2.40 + 1.50 = 3.90

To work out how much change Amaya would get, children can count up from £3.90 to £10.00. They will find this easier than subtracting £3.90 from £10.00.

10.00 – 3.90 = 6.10

Money word problems for year 4

With word problems for year 4, pupils need to be able to order amounts of money, using rounding to estimate and calculate using the four operations. They also encounter money maths problems through other concepts, such as fractions.

Question 1

Sam bought a T-shirt for £18.50 and a hoodie for £24.99. How much did he spend in total?

Answer: £43.49

Show as column method: 18.50 + 24.99 = 43.49

Question 2

  • Pizza: £2.99
  • Burger: £2.50
  • Hot dog: £1.80
  • Fries: 1.25

Chloe took her best friend out to celebrate her birthday.

She bought a pizza, a burger and 2 portions of fries.

How much did she spend altogether?

Answer: £7.99

Show as column method:

2.99 + 2.50 = 5.49

1.25 x 2 = 2.50

5.59 + 2.50 = 7.99

Question 3

Mason won £500 in a competition.

He decided to give ⅕ of the prize to his sister, ⅕ to his brother and ⅕ to his parents.

How much money did he keep for himself?

Answer

£200

⅕ of 500 = 100

He gave ⅗ away and kept ⅖ for himself. ⅖ of 500 = 200

Question 4

A school paid 4p for every worksheet printed out on the photocopier

Teachers printed out 560 maths worksheets in one week.

How much did the school spend, printing out the worksheets?

Answer: £22.40

560 x 4 = 2240

2240p = £22.40

Question 5

Sara had £100 to spend on clothes. 

She bought a pair of jeans for £44.50 and a top for £35.99

How much money did Sara have left?

Answer: £19.51

Show as column method:

44.50 + 35.99 = 80.49

100 – 80.49 = 19.51

Money word problems for year 5

Word problems for year 5 include the four operations, but with larger numbers than pupils were working with in Lower Key Stage 2. They are also presented to students through fraction word problems, decimal and percentages topics 

Question 1

Mr Smith spends £5,999 on a car and £3,899 on a caravan.

How much does he spend altogether?

Answer: £9,898

Show as column addition:

5999 + 3899 = 9898

Question 2

Oliver is saving to buy a laptop costing £1250.

He has saved ⅖ of the money he needs. How much more does he need to save to buy the laptop?

Answer: £750

⅕ = 1250 ÷ 5 = £250

⅗ = £750

Question 3

Mason saves £9 every week, from carrying out jobs around the house.

He is saving to buy a new phone, costing £370.

How many weeks will it take him to save enough money to buy the phone?

Answer: Mason will need to save for 42 weeks

Show as bus stop division: 370 ÷ 9  =   41 r1

Question 4

Amber is at the fun fair.

Her favourite ride costs £2.75. She goes on that 5 times and buys a packet of doughnuts for £1.80.

If she had £20 to spend, how much money does she have left at the end?

Answer: £4.45

Show as column method:

2.75 x 5 = 13.75

13.75 + 1.80 = £15.55

20.00 – 15.55 = 4.45

Question 5

Jemma is calculating how much it will cost her to buy party bags for all the friends who come to her party.

Each party bag costs £3.75 and she has 9 friends coming to her party.

How much will she need to pay for the 9 party bags in total?

Answer: £33.75

Show as column multiplication: 3.75 x 9 = 33.75

Money word problems for year 6

With word problems for year 6, pupils encounter multi-step word problems and those involving larger amounts of money and cover a range of concepts, including: the 4 operations, fractions, decimals, percentages, ratio and algebra. Money word problems are often included in the KS2 reasoning SATs papers.

Question 1

Mr and Mrs Jackson are buying a new house. 

The house costs £425,999 to buy and they have a deposit of £84,000 from the sale of their last house.

How much more will they have to borrow, to be able to buy the house?

Answer: £341,999

425,999 – 84,000 = 341,999

Question 2

The cost for all 90 Year 6 pupils to visit the outward bounds centre for the day is £2,430

How much does it cost per child?

Answer: £27

Show as long division:

2430 ÷ 90 = 27

Question 3

A car decreases in value by 23% in one year. If it was worth £10,000 when it was bought. How much is it worth now?

Answer: £7,700

10% of 10,000 = £1,000

20% of £10,000 = £2000

1% of £10,000 = 100

3% of £10,000 = 300

23% = 2300

10,000 – 2300 = 7,700

Question 4

Mr Lampard was budgeting for the month,

He needed to pay: 

  • £800 rent
  • £240 council tax
  • £150 for gas and electricity
  • £45 for water
  • £38 for internet and phone line
  • £125 petrol

After tax he earns £3200 per month.

How much does he have left over for food, social activities and saving.

Answer: £1802

Total spent:

Show as column addition:

800 + 240 + 150 + 45 + 38 + 125 = 1398

3200 – 1398 = 1802

Question 5

£60 is shared between Abbie, Ben and Carly, as a ratio of 2:3:7

How much does each person get?

Answer: Abbie: £10, Ben: £15, Carly: £35

60 ÷ 12 = 5

2 x 5 = 10

3 x 5 = 15

7 x 5 = 35

More word problems resources

Looking for more word problems on a range of topics? Take a look at our collection of time word problems.

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Since 2013 we’ve helped over 145,000 primary and secondary school pupils become more confident, able mathematicians. Learn more or request a personalised quote for your school to speak to us about your school’s needs and how we can help.

If a Pepsi-Cola costs $1.31, how much would 9 cans of Pepsi-Cola cost?

A ball costs $0.99. How much would it cost to buy 9 balls?

Little dolls cost $0.89 each. Nora buys 3 little dolls.
How much does Nora spend?

If a sandwich costs $0.91, how much would 3 sandwiches cost?

A pen can cost $0.36. How much do 8 pens cost?

Owen bought 5 T-shirts. Each T-shirt cost $7.40.
How much money did Owen spend?

Four bathrobes cost $36.80.
If the bathrobes all cost the same amount, how much does each bathrobe cost?

If 2 bottles of milk cost $2.86 and the bottles both cost the same amount,
what is each bottle’s price?

Olivia goes to the movies with a friend. Her ticket costs $8.25.
She buys some popcorn for $2.75 and a soda for $2.50.
If she started the day with $20, how much money does she have leftover?

Rachel and Sandy are selling sweets to raise money for charity.
They buy 80 bags of sweets for $0.50 each.
They sell all of them for $1.25 each.
How much profit did they make?
Hint: Profit is the difference between how much the sweets cost them and
what they sold them for.

Grade 5 Money Word Problems

Will had $853.00 in his checking account.
Then, he spent $227.00 on the account.
How much money is left in Will’s checking account?

Kevin and Judie decided to start their own babysitting business.
Kevin earned $1,500.00 babysitting for his cousins,
and Judie earned $1,500.00 babysitting for family friends.
Altogether, how much money did they earn?

Marine donated $6,381.00 for a new park. Marine’s brother donated
$4,650.00.
How much more money did Marine donate?

At a local art gallery, Pete decided to buy one painting for $685.00 and
another for $925.00.
What was the total cost?

Michael had $9,896.00 in his checking account.
Then, he spent $3,458.00 on the account.
How much money is left in Michael’s checking account?

Emily had two part-time jobs last year.
She made $45.85 cleaning houses and $34.15 walking dogs.
How much money did she earn in all?

Stacy wants to buy a new cell phone. If she buys one now, it will cost
$628. If Katie waits until her contract is over, she can upgrade to the
same phone for $613.
How much can Stacy save if she waits?

Alfredo’s soccer team did two fundraisers last year.
They raised $4,033.00 selling cookies and $2,534.00 cleaning houses.
How much money did the team raise in all?

Logan paid $22.17 to rent a pair of roller-skates and $43.78 to take a
roller-skating lesson. How much did Logan pay altogether?

Mrs. Grace is trying to pick out a computer. A certain laptop computer
would cost $812.00, but she is also considering a tablet. The tablet
that fits her costs $335.00. How much more expensive is a laptop?

Related Topics:
Compound Interest Word Problems
Other Algebra Word Problems

First, we will look at a money word problem involving calculating Simple Interest. Simple Interest word problems are based on the formula for Simple Interest and the formula for Amount. Then, we will look at a money word problem that involves coins and dollar bills.

The following diagram gives the Simple Interest Formula. Scroll down the page for more examples and solutions on how to use the Simple Interest Formula to solve simple interest word problems.

Simple Interest Formula

Simple Interest Word Problems

Formula for Simple Interest

i = prt

i represents the interest earned.
p represents the principal which is the number of dollars invested.
r represents the interest rate per year.
t represents the time the money is invested which is generally stated in years or fractions of a year.

Formula for Amount

A = p + i

A represents what your investment is worth if you consider the total amount of the original investment (p) and the interest earned (i)

Example:

James needs interest income of $5,000. How much money must he invest for one year at 7%? (Give your answer to the nearest dollar)

Solution:

5,000 = p(0.07)(1)

p = 71,428.57

Simple Interest Word Problems

Example:
Pam invested $5000. She earned 14% on part of her investment and 6% on the rest. If she earned a total of $396 in interest for the year, how much did she invest at each rate?
Note that this problem requires a chart to organize the information. The chart is based on the interest formula, which states that the amount invested times the rate of interest = interest earned. The chart is then used to set up the equation.

  • Show Step-by-step Solutions

How to solve simple interest word problems?
Example:
Suppose $7,000 is divided into two bank accounts. One account pays 10% simple interest per year and the other pays 5%. After three years there is a total of $1451.25 in interest between the two accounts. How much was invested into each account (rounded to the nearest cent)?

  • Show Step-by-step Solutions

Dollar and Coin Word Problems

Example:

Paul has $31.15 from paper route collections. He has 5 more nickels than quarters and 7 fewer dimes than quarters. How many of each coin does Paul have?

Solution:

Let x be the number of quarters
x + 5 be the number of nickels
x – 7 be the number of dimes

25x + 5(x + 5) + 10(x – 7) = 3,115
25x + 5x + 25 + 10x – 70 = 3,115
40x = 3,160
x = 79

Paul has 79 quarters, 84 nickels and 72 dimes.

Algebra Money Word Problems

Algebra Money Word Problems with two variables (x and y). How to solve equations with two variables?

Example:
David has only $5
bills and $10 bills in his wallet. If he has 5 bills totaling $35, how many of each does he have?

  • Show Step-by-step Solutions

Coin Word Problem

Example:
Martin has a total of 19 nickels and dimes worth $1.65. How many of each type of coin does he have? Note that this problem requires a chart to organize the information. The chart is based on the total value formula, which states that the number of coins times the value of each coin = the total value. The chart is then used to set up the equation.

  • Show Step-by-step Solutions

How to solve word problems involving coins and money?

Example:
You have three times as many quarters as dimes and the total amount of money is $6.80. How many quarters and dimes do you have?

  • Show Step-by-step Solutions

How to solve algebra word problem involving money?
Example:
You have 6 times as many quarters as dimes and the total amount of money ia $8.00. How many quarters and dimes do you have?

  • Show Step-by-step Solutions

How to solve a coin word problem involving pennies and nickels?
Example:
A pile of 16 coins consists of pennies and nickels. The total amount of money is 36 cents. How many nickels and pennies do you have?

  • Show Step-by-step Solutions

How to solve a word problem involving stamps?
Example:
You bought 16 stamps consisting of 37-cent stamps and 23-cent stamps. If the total cost of the stamps is $4.10, find the number and types of stamps purchased.

  • Show Step-by-step Solutions

Try the free Mathway calculator and
problem solver below to practice various math topics. Try the given examples, or type in your own
problem and check your answer with the step-by-step explanations.

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Need a quick warm-up to begin the day or kickstart your math lesson? Try these daily money word problems written especially with second and third graders in mind.

Topics in these money word problems include adding combinations of coins and dollars, comparisons, making change, story problems, and more. (We did include 50-cent pieces, so make sure your students know they’re in the mix!)

Want this entire set in one easy document? You can download a free Google Slides Presentation or a PowerPoint by filling out the simple form. All you need to do is post one of the money word problems on your whiteboard or projector screen. Then let kids take it from there.

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1. Which has the same value as 10 pennies?

Challenge of the Day: Which has the same value as 10 pennies?

2. Which has the same value as 100 pennies?

Challenge of the Day: Which has the same value as 100 pennies?

3. If you have 3 quarters and 1 nickel, how many cents do you have?

Challenge of the Day: If you have 3 quarters and 1 nickel, how many cents do you have?

4. Add the coins.

Challenge of the Day: Add the coins (1 quarter, 2 pennies, 2 dimes)

5. Cole has 1 half-dollar, 3 dimes, 1 nickel, and 3 pennies. How much money does he have?

Challenge of the Day: Cole has 1 half-dollar, 3 dimes, 1 nickel, and 3 pennies. How much money does he have?

6. Isla looked under the couch and found 1 dime, 3 nickels, and 17 pennies. How much did she find in all?

Challenge of the Day: Isla looked under the couch and found 1 dime, 3 nickels, and 17 pennies. How much did she find in all?

7. Add the dollar and coins.

Challenge of the Day: Add the dollar and coins. (1 dollar bill, 1 quarter, 1 dime, 2 nickels)

8. If you have 1 dollar bill, 2 quarters, 8 dimes, and 3 nickels, how much money do you have?

Challenge of the Day: If you have 1 dollar bill, 2 quarters, 8 dimes, and 3 nickels, how much money do you have?

9. Malcolm has 2 dollar bills, a half-dollar, 3 quarters, and 4 pennies. How much money does he have?

Challenge of the Day: Malcolm has 2 dollar bills, a half-dollar, 3 quarters, and 4 pennies. How much money does he have?

10. Which is greater–2 quarters or 6 dimes?

Challenge of the Day: Which is greater–2 quarters or 6 dimes?

11. Which is less–5 dimes or 5 nickels?

Challenge of the Day: Which is less–5 dimes or 5 nickels?

12. Which is greater–3 quarters and 2 dimes or 90 pennies?

Challenge of the Day: Which is greater–3 quarters and 2 dimes or 90 pennies?

13. Which is less–2 dimes and 2 nickels or 1 quarter and 1 dime?

Challenge of the Day: Which is less–2 dimes and 2 nickels or 1 quarter and 1 dime?

14. List all the ways you can think of to make 35¢ without using pennies.

Challenge of the Day: List all the ways you can think of to make 35¢ without using pennies.

15. List all the ways you can think of to make 45¢ without using pennies.

Challenge of the Day: List all the ways you can think of to make 45¢ without using pennies.

16. How can you make 70¢ using the least number of coins?

Challenge of the Day: How can you make 70¢ using the least number of coins?

17. How can you make 98¢ using the least number of coins?

Challenge of the Day: How can you make 98¢ using the least number of coins?

18. A pizza eraser costs 25¢. Do you have enough to buy it?

Challenge of the Day: A pizza eraser costs 25¢. Do you have enough to buy it? (3 dimes)

19. Miriam wants to buy a pop-it fidget toy for $3.99. Does she have enough?

Challenge of the Day: Miriam wants to buy a pop-it fidget toy for $3.99. Does she have enough? (2 dollars, 2 half-dollars, 2 quarters, 2 dimes, 1 nickel(

20. A candy bar costs 70¢. You pay with 3 quarters. What is your change?

Challenge of the Day: A candy bar costs 70¢. You pay with 3 quarters. What is your change?

21. How much more do you need to make $1?

Challenge of the Day: How much more do you need to make $1? (1 quarter, 1 nickel, 2 pennies)

22. A hamburger costs $2.99. You pay with a $5 bill. You get $3 dollar bills and a penny back. Did you get the right amount of change?

Challenge of the Day: A hamburger costs $2.99. You pay with a $5 bill. You get $3 dollar bills and a penny back. Did you get the right amount of change?

23. Lollipops cost 15¢ each. Hazel has $1. How many lollipops can she buy?

Challenge of the Day: Lollipops cost 15¢ each. Hazel has $1. How many lollipops can she buy?

24. How many squishy pigs can you buy with $2 if squishy pigs cost 79¢ each?

Challenge of the Day: How many squishy pigs can you buy with $2 if squishy pigs cost 79¢ each?

25. How much is 20¢, 25¢, and 39¢ all together?

Challenge of the Day: How much is 20¢, 25¢, and 39¢ all together?

26. Myland has 37¢. Teagan has 45¢. How much do they have together?

Challenge of the Day: Myland has 37¢. Teagan has 45¢. How much do they have together?

27. What is 15¢ less than 28¢?

Challenge of the Day: What is 15¢ less than 28¢?

28. Norah has 68¢. Kayden has 82¢. How much more does Kayden have than Norah?

Challenge of the Day: Norah has 68¢. Kayden has 82¢. How much more does Kayden have than Norah?

29. If you make $5 every day walking dogs, how much will you have after 5 days?

Challenge of the Day: If you make $5 every day walking dogs, how much will you have after 5 days?

30. Joe has $20. He spent $4 on a hot dog, $3 on fries, and $2 on a drink. How much money does he have left over?

Challenge of the Day: Joe has $20. He spent $4 on a hot dog, $3 on fries, and $2 on a drink. How much money does he have left over?

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Word Problems Involving Money Video

TranscriptPractice

Welcome to this Mometrix lesson on word problems with money. Usually word problems with money will deal with purchasing something, taxing something, or maybe deducting something from a total price. When reading a word problem, it could get overwhelming, seeing as you’re expected to solve a paragraph of text; surely that’s not math, right? If this is your thought process, well, I’ve got some helpful tips for you! For starters, word problems are not all that scary and actually quite easy to maneuver once you know how, and second, yes, math problems can exist in a block of text! Today, we’re going to break down the scary assumptions that come with solving money word problems and learn how to solve them without hesitation!

The best way to learn something is to try it for yourself, so let’s start by looking at a problem I’ve created:

You and your friends want to order a large pizza for $14.99. You have a budget of: $20. Considering the tax of 4% and the tip at 30%, will you have enough money to buy the large pizza?

When starting a word problem, a good rule of thumb is to identify information that is necessary and information that is unnecessary in the problem.

Your budget of $20 is unnecessary information starting out, however it will become important once we solve the problem. At this point, we really only need to focus on the price of the pizza and finding out what the tax is. Then we can move on from there.

First, we need to determine how much our tax will add onto the bill. To do this, we need to multiply 14.99 with 4%, or .04. (14.99)(.04)=.5996

Next, we need to add .5996, our tax, to 14.99, our total.

To keep our number most accurate, we won’t round to the nearest cent until we have reached our final number.

So, we have .5996+14.99=15.5896

Now that we know the sum of the original total and our tax, we need to factor in a 30% tip.

We need to multiply 15.5896 with 30%, or .30. (15.5896)(.30)=4.67688

Lastly, we need to add 4.67688 with 15.5896 to reach our total number 15.5896+4.67688=20.266. After rounding up, we reach 20.27.

The total for your order would be $20.27. You would be $.27 short of being able to order a pizza for you and your friends. I’d say it’s time to start checking the couches for spare change!

When we break down word problems into manageable steps, they seem a lot less daunting, right? Next time you’re given a word problem with money to solve, be sure to start with what is known, what is necessary, and what is unnecessary information in the word problem. Identifying these things will help to clear up your understanding of what is being asked in the problem. After identifying the necessary information needed to solve the problem, perform the operations outlined in the question to reach your total(s) and compare your answers.

Thanks for joining us for this video lesson on money word problems. If you enjoyed this lesson, be sure to “like” and “subscribe” to our channel for more videos like this one!

Practice Questions

Question #1:

 
All of the items listed below, except for one, are helpful strategies to remember when solving word problems in math. Which item is NOT a helpful strategy?

Identify the relevant information that is necessary to solve the problem.

Perform the operations that are outlined in the question.

Compare and check your final answer to see that it is reasonable.

Always assume that every number provided in the text is relevant and useful for solving the problem.

Show Answer

Answer:

There will often be irrelevant information provided in math word problems. Make sure not to assume that all numbers or information provided in the text is crucial for solving the problem.

Hide Answer

Question #2:

 
Determine the piece of information that is irrelevant to solving the problem.

Jane is purchasing dog food at her local pet store. Jane notices that the store is having a 20% off sale on dog toys. Jane sees that Brand A of dog food costs $45 for a 20 pound bag, and Brand B of dog food costs $49 for a 22 pound bag. Which brand of dog food is less expensive when considering dollars per pound?

Brand A costs $45 per pound

Brand B costs $49 per pound

The store is having a 20% off sale on dog toys

All of the information provided is crucial for solving the problem.

Show Answer

Answer:

The price per pound for Brand A and Brand B is crucial for solving the problem. This information is what will allow us to determine which brand is the better deal. The fact that the store is having a 20% off sale on dog toys is irrelevant to the problem.

Hide Answer

Question #3:

 
Dianne and Gary order sushi from their favorite restaurant for Gary’s birthday. The bill is $45.50 before the tip. Dianne offers to pay for the entire meal plus tip. She only brought $55 in cash, and she plans on leaving a 20% tip. Gary says that he has $44 in his wallet and he is willing to help with the bill. Does Dianne have enough to pay for the whole meal plus tip, or will Gary need to contribute to the bill?

Yes, Dianne will have enough to pay for the entire bill plus tip.

No, Dianne will not have enough to pay for the entire bill plus tip. Gary will need to contribute in order to cover the bill.

Show Answer

Answer:

Information that is irrelevant: Gary says that he has $44 in his wallet and he is willing to help with the bill. (This piece of information can be ignored because it is not crucial for solving the problem).

The tip can be calculated by multiplying $45.40 by 20% or 0.2. $45.50 × 0.2 = $9.10 tip. This can be added to the bill in order to determine the total cost of the meal.

$9.10 + $45.50 = $54.60

Dianne has $55, so she has enough to pay for the entire meal plus tip.

Hide Answer

Question #4:

 
Eugene spends $24 on toy cars. He purchased 6 cars. His friend Julian spends $28 on toy cars. If each car is the same price, how much did Eugene spend on each car?

$3 per car

$4 per car

$5 per car

$6 per car

Show Answer

Answer:

Information that is irrelevant: His friend Julian spends $28 on toy cars.

The important information in the text is that Eugene spends $24 on 6 cars. If each car is the same price, then we can divide $24 by 6 in order to determine the price per car. $24 divided by 6 is 4, so $4 per car.

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Question #5:

 
Jason has a part-time lawn mowing job in the summers. This week Jason mows four lawns on Monday, five lawns on Tuesday, and three lawns on Thursday. He earns $35 per lawn, and he always saves 20% of the money he makes per lawn into his savings account. On Friday Jason spends $12 on ice cream with his friends. How much money did Jason place in his savings account this week?

$84 is placed in his savings account.

$420 is placed in his savings account.

$100 is placed in his savings account.

$35 is placed in his savings account.

Show Answer

Answer:

Information that is irrelevant: On Friday Jason spends $12 on ice cream with his friends.

Jason earns $35 per lawn, and he mows 12 lawns this week. $35 times 12 is 420, so he earns $420 this week. 20% of this will be placed in his savings account. 0.2 times $420 is 84, so $84 is placed in his savings account this week.

Hide Answer

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