Basic Arithmetic : Multiplication and Division with Money

Study concepts, example questions & explanations for Basic Arithmetic

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Example Questions

Example Question #45 : Money And Time

Leon bought  pairs of socks that cost  per pair,  shirts that cost  each, and a dozen pencils that cost  for . How much did Leon spend in total?

Possible Answers:

Correct answer:

Explanation:

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

Then find the total cost of the shirts Leon bought.

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.

Add these subtotals together to get the answer.

Example Question #46 : Money And Time

Molly bought  posters and paid a total of . What was the cost of each poster?

Possible Answers:

Correct answer:

Explanation:

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

Example Question #47 : Money And Time

Please choose the best answer for the question below. 

If John has  in his savings account, and he accrues % 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:

Correct answer:

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.  

 is your interest  

  is your total

round to the nearest cent and you arrive at .

 

Example Question #1 : Multiplication And Division With Money

Please choose the best answer for the question below. 

Anne worked at a coffee shop, where she made  an hour. She left for a job as a receptionist, where she makes  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:

Correct answer:

Explanation:

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

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

Finally, round to the nearest whole cent, and you get .

Example Question #2 : Multiplication And Division With Money

Please choose the best answer for the question below. 

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

Possible Answers:

Correct answer:

Explanation:

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

Then, calculate Francis' income:

Finally, subtract his expenses from his income:

Example Question #50 : Money And Time

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:

Correct answer:

Explanation:

There are 4 weeks in a month, so:

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