Solving Money Word Problems

This video tutorial covers solving money word problems using one variable. It includes examples such as determining the cost of scarves, setting up equations for nickels and dimes, and calculating the quantity of trail mix within a budget. Key strategies include identifying what the problem is asking, using let statements, and ensuring accurate calculations. The video emphasizes the importance of multiplying the value by the quantity and rounding decimals appropriately.

What should you look for when solving money word problems?

• The color of the items

• The price and quantity of the items

• The brand of the items

• The size of the items

When should you round decimals in money word problems?

• Never

• At the very end

• In the middle

• At the beginning

In the first example, what is the total amount spent by you and your friend?

• $36.98

• $12.50

• $50.00

• $86.98

How many scarves did you buy in the first example problem?

• One

• Two

• Three

• Four

In the second example, what is the value of a nickel in decimal format?

• 0.01

• 0.05

• 0.25

• 0.10

What is the let statement for the number of dimes in the second example?

• Let x equal the total amount

• Let x equal the number of quarters

• Let x equal the number of dimes

• Let x equal the number of nickels

In the third example, how much does one pound of almonds cost?

• $15

• $12

• $9

• $5

What is the ratio of almonds to walnuts to raisins in the trail mix?

• 1:1:1

• 1:2:3

• 2:3:1

• 3:2:1

How much money does Donna have to spend on the trail mix?

• $10

• $20

• $12

• $15

What is the key takeaway for solving money word problems?

• Subtract the smaller amount from the larger amount

• Divide the total by the number of items

• Multiply the value by the quantity

• Always round to the nearest dollar