Counting Money: Money Word Problems

In this lesson, we will learn how to solve word problems involving money. These problems often require us to add, subtract, multiply, or divide amounts of money to find the answer.

Example Problem

Problem: Sarah has $5.75, and she wants to buy a toy that costs $8.50. How much more money does she need to buy the toy?

Steps to Solve:

1. Identify the amounts of money involved:

   • Sarah's money: $5.75
   • Cost of the toy: $8.50

2. Set up the equation to find out how much more money Sarah needs:

   $$\text{More money needed} = \text{Cost of toy} - \text{Sarah's money}$$ $$\text{More money needed} = 8.50 - 5.75$$

3. Perform the subtraction:

   $$\text{More money needed} = 2.75$$

So, Sarah needs $2.75 more to buy the toy.

Key Questions

• What operations do we use to solve money word problems?
• How do we set up equations from word problems?
• Why is it important to clearly identify the amounts of money in the problem?

Summary

In money word problems, carefully read the problem to identify the amounts and the operation needed. Set up an equation to find the solution, and perform the necessary calculations.