solve-multi-step-problems-involving-money-transactions
🚀 Money is a medium of exchange that we use to buy goods and services. In real life, we often encounter situations where we need to solve multi-step problems involving money transactions. This means we have to perform several calculations to find out how much money we have, how much we need to pay, or how much change we should receive. Understanding how to handle these transactions is essential for managing our finances effectively.
Theory Explanation
Understanding Money Transactions
When dealing with money transactions, we often need to add, subtract, multiply, or divide amounts of money. For example, if you buy multiple items, you need to add their prices together. If you pay with cash, you may need to subtract the total from the amount you gave to find out how much change you should get back.
Breaking Down Multi-Step Problems
Multi-step problems require us to break down the problem into smaller, manageable steps. For instance, if you want to buy 3 toys that cost $5 each and you have $20, you first calculate the total cost of the toys and then see if you have enough money.
Calculating Change
When you pay for something, you often give more money than the total cost. To find out how much change you should receive, you subtract the total cost from the amount you paid.
Key Points
- 🎯 Money is used to buy goods and services.
- 🎯 Multi-step problems involve several calculations.
- 🎯 Always break down the problem into smaller steps for clarity.
Examples:💡
You want to buy 4 notebooks that cost $3 each. How much will you spend in total?
Solution:
Step 1: First, calculate the total cost by multiplying the number of notebooks by the cost of each notebook: 4 notebooks * $3 = $12.
Step 2: So, you will spend a total of $12.
You have $50 and you buy a toy for $15 and a book for $20. How much money do you have left?
Solution:
Step 1: First, calculate the total spent: $15 (toy) + $20 (book) = $35.
Step 2: Next, subtract the total spent from the amount you had: $50 - $35 = $15.
Step 3: You have $15 left.