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Math >> Money and Finance

Money Math

Practice Problems

Below are some example money math problems using addition, subtraction, multiplication and division.

Dollars and Cents to Decimals

One of the first things to do with money math is to convert dollars and cents to decimal values.

The numbers to left of the decimal point are the dollars and to the right are the cents. Remember there are 100 cents in every dollar. When adding cents, each 100 cents should be converted to one dollar.

Example Problem 1

Write each of the following in decimal form:

a) Five dollars and twenty-five cents

Answer: $5.25

b) One hundred thirty three dollars and twelve cents

Answer: $133.12

c) 8 dollars and 7 cents

Answer: $8.07

d) 2 dollars and 498 cents

Answer: $6.98

(This was a trick question. You need to take the 400 cents and convert that to 4 dollars.)

Adding and Subtracting

Example Problem 2

Add or subtract the following money amounts:

a) $42.75 + $23.12

Answer:

   42.75
+ 23.12
 $65.87

b)$25.05 + $99.99

Answer:

   25.05
+ 99.99
 $125.04

c)$867.55 - $423.71

Answer:

   867.55
- 423.71
 $443.84

Multiplying

Multiply the following money amounts:

a) $33.15 x 10

Answer:

33.15
 x 10
$331.50

b)$13.75 x 2

Answer:

13.75
 x 2
$27.50

Dividing

When dividing money, you can't really have a fraction of a cent. In most cases you would round up to the nearest cent. In the examples below we have worked them out so they divide to a full cent.

Divide the following money amounts:

a) $100 ÷ 4

Answer: $25

b)$24.50 ÷ 2

Answer: $12.25

To do this answer in your head first divide the dollars in half (24 divided by 2 is 12) then divide the cents in half (50 cents divided by 2 is 25). You get 12 dollars and 25 cents or $12.25.

Tips for Doing Money Math



Learn More about Money and Finance:

Personal Finance

Budgeting
Filling out a Check
Managing a Checkbook
How to Save
Credit Cards
How a Mortgage Works
Investing
How Interest Works
Insurance Basics
Identity Theft

About Money

History of Money
How Coins are Made
How Paper Money is Made
Counterfeit Money
United States Currency
World Currencies 		Money Math

Counting Money
Making Change
Basic Money Math
Money Word Problems: Addition and Subtraction
Money Word Problems: Multiplication and Addition
Money Word Problems: Interest and Percent

Economics

Economics
How Banks Work
How the Stock Market Works
Supply and Demand
Supply and Demand Examples
Economic Cycle
Capitalism
Communism
Adam Smith
How Taxes Work
Glossary and Terms

Note: This information is not to be used for individual legal, tax, or investment advice. You should always contact a professional financial or tax advisor before making financial decisions.
Math >> Money and Finance


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