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Basic Arithmetic : Multiplication and Division with Money

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Example Questions

Example Question #1 : Multiplication And Division With Money

Leon bought $\displaystyle 5$ pairs of socks that cost $\$3.21$ $\displaystyle \$3.21$ per pair, $\displaystyle 2$ shirts that cost $\$9.89$ $\displaystyle \$9.89$ each, and a dozen pencils that cost $\$0.45$ $\displaystyle \$0.45$ for $\displaystyle 6$ . How much did Leon spend in total?

Possible Answers:

$\$36.73$ $\displaystyle \$36.73$

$\$13.55$ $\displaystyle \$13.55$

$\$35.30$ $\displaystyle \$35.30$

$\$41.23$ $\displaystyle \$41.23$

Correct answer:

$\$36.73$ $\displaystyle \$36.73$

Explanation:

First, let's find the cost of the socks Leon bought.

$\text{Socks} = $3.12\times5=\$16.05$ $\displaystyle \text{Socks} = $3.12\times5=\$16.05$

Then find the total cost of the shirts Leon bought.

$\text{Shirts}=9.89\times2=\$19.78$ $\displaystyle \text{Shirts}=9.89\times2=\$19.78$

Next, find the cost of the pencils. Watch out here because the pencils are priced per 6. There are two 6's in a dozen.

$\text{ Pencil} =\frac{12}{6} \times0.45= \$0.90$ $\displaystyle \text{ Pencil} =\frac{12}{6} \times0.45= \$0.90$

Add these subtotals together to get the answer.

$\$16.05 +\$19.78+\$0.90=\$36.73$ $\displaystyle \$16.05 +\$19.78+\$0.90=\$36.73$

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Example Question #2 : Multiplication And Division With Money

Molly bought $\displaystyle 12$ posters and paid a total of $\$144.12$ $\displaystyle \$144.12$ . What was the cost of each poster?

Possible Answers:

$\$9.89$ $\displaystyle \$9.89$

$\$12.01$ $\displaystyle \$12.01$

$\$11.21$ $\displaystyle \$11.21$

$\$12.41$ $\displaystyle \$12.41$

Correct answer:

$\$12.01$ $\displaystyle \$12.01$

Explanation:

To find the cost of each individual poster, divide the total cost by the number of posters Molly bought.

$\$144.12\div12=\$12.01$ $\displaystyle \$144.12\div12=\$12.01$

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Example Question #3 : Multiplication And Division With Money

Please choose the best answer for the question below.

If John has $\$12,378.71$ $\displaystyle \$12,378.71$ in his savings account, and he accrues $1.7\%$ $\displaystyle 1.7\%$ % interest on that savings account every year, how much money will John have in his account next year? All answers have been rounded to the nearest cent.

Possible Answers:

$\$12,589.14$ $\displaystyle \$12,589.14$

$\$12,689.15$ $\displaystyle \$12,689.15$

$\$12,588.16$ $\displaystyle \$12,588.16$

$\$12,589.75$ $\displaystyle \$12,589.75$

$\$12,589.15$ $\displaystyle \$12,589.15$

Correct answer:

$\$12,589.15$ $\displaystyle \$12,589.15$

Explanation:

For this problem, first you have to calculate the interest, and then add it to the toal in the bank account.

To calculate interest, convert the percent into a decimal 1.7% = .017, and multiply it by the total amount.

$0.017 \cdot \$12,378.71 = \$210.4380$ $\displaystyle 0.017 \cdot \$12,378.71 = \$210.4380$ is your interest

$\$210.4380 + \$12,378.71 = \$12,589.1480$ $\displaystyle \$210.4380 + \$12,378.71 = \$12,589.1480$ is your total

round to the nearest cent and you arrive at $\$12,589.15$ $\displaystyle \$12,589.15$ .

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Example Question #4 : Multiplication And Division With Money

Please choose the best answer for the question below.

Anne worked at a coffee shop, where she made $\$9.42$ $\displaystyle \$9.42$ an hour. She left for a job as a receptionist, where she makes 1.7 $\displaystyle 1.7$ times more money per hour. How much money will she make working an eight hour day at her new job? The answer has been rounded to the nearest whole cent.

Possible Answers:

$\$128.12$ $\displaystyle \$128.12$

$\$128.11$ $\displaystyle \$128.11$

$\$118.11$ $\displaystyle \$118.11$

$\$98.11$ $\displaystyle \$98.11$

$\$148.11$ $\displaystyle \$148.11$

Correct answer:

$\$128.11$ $\displaystyle \$128.11$

Explanation:

To do this problem, first break it into smaller parts. First, let's find Anne's wage as a receptionist:

$1.7 \cdot 9.42 = 16.014$ $\displaystyle 1.7 \cdot 9.42 = 16.014$

Then, take her new hourly wage, $\$16.014$ $\displaystyle \$16.014$ and multiply it by eight, for eight hours worked:

$16.014 \cdot 8 = \$128.112$ $\displaystyle 16.014 \cdot 8 = \$128.112$

Finally, round to the nearest whole cent, and you get $\$128.11$ $\displaystyle \$128.11$ .

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Example Question #3 : Multiplication And Division With Money

Please choose the best answer for the question below.

Francis has to pay $\$500$ $\displaystyle \$500$ per month in rent, plus $\$150$ $\displaystyle \$150$ for heat and electricity, and $\$200$ $\displaystyle \$200$ for food. Francis works $\displaystyle 20$ days a month, and he earns $\$80$ $\displaystyle \$80$ per day. How much money does Francis have left over at the end of the month?

Possible Answers:

$\$850$ $\displaystyle \$850$

$\$550$ $\displaystyle \$550$

$\$950$ $\displaystyle \$950$

$\$650$ $\displaystyle \$650$

$\$750$ $\displaystyle \$750$

Correct answer:

$\$750$ $\displaystyle \$750$

Explanation:

Break the problem into two parts. First, add up Francis' expenses:

$\$500 + \$200 + \$150 = \$850$ $\displaystyle \$500 + \$200 + \$150 = \$850$

Then, calculate Francis' income:

$20 \cdot \$80 = \$1600$ $\displaystyle 20 \cdot \$80 = \$1600$

Finally, subtract his expenses from his income:

$\$1600 - \$850 = \$750$ $\displaystyle \$1600 - \$850 = \$750$

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Example Question #4 : Multiplication And Division With Money

Susan works 20 hours per week at a rate of $17/hour. How much money (in dollars) will Susan make in a month?

Possible Answers:

$\$1360$ $\displaystyle \$1360$

$\$980$ $\displaystyle \$980$

$\$750$ $\displaystyle \$750$

$\$1500$ $\displaystyle \$1500$

$\$600$ $\displaystyle \$600$

Correct answer:

$\$1360$ $\displaystyle \$1360$

Explanation:

$\frac{17 dollars}{hour} \times \frac{20hours}{week} = \frac{340 dollars}{week}$ $\displaystyle \frac{17 dollars}{hour} \times \frac{20hours}{week} = \frac{340 dollars}{week}$

There are 4 weeks in a month, so:

$\frac{340 dollars}{week} \times {4 weeks} = \frac{1,360 dollars}{week}$ $\displaystyle \frac{340 dollars}{week} \times {4 weeks} = \frac{1,360 dollars}{week}$

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Basic Arithmetic : Multiplication and Division with Money

Study concepts, example questions & explanations for Basic Arithmetic

All Basic Arithmetic Resources

Example Questions

Example Question #1 : Multiplication And Division With Money

Example Question #2 : Multiplication And Division With Money

Example Question #3 : Multiplication And Division With Money

Example Question #4 : Multiplication And Division With Money

Example Question #3 : Multiplication And Division With Money

Example Question #4 : Multiplication And Division With Money

All Basic Arithmetic Resources

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