uniit money

Money Contents Recording Money Adding & subtracting money Multiplying money Dividing money Forms Buying on credit Recording Money Prices can be marked on goods, or spoken, in different ways, for example: Money written in figures is always written with two decimal places The decimal point marks the end of the whole numbers, and the two columns on the right are for the pence Price A above would be recorded as £60.00, using two trailing zeroes to record that there are no pence The items in example B would be recorded as £0.65, £0.70 and £1.00 The leading zero is used when there are no whole numbers C would be recorded as £2.05, not as £2.5 The zero here is a place holder, so that the value of the five goes in the correct column (it is hundredths).If you use a calculator for money questions, you need to know that it will not add trailing zeroes, so an answer of twenty pounds sixty pence would appear as 20.6; you need to record it as 20.60 Adding & subtracting money To add or subtract money values you must: •record amounts to two decimal places, putting in extra zeroes if needed •line up the decimal points so they are underneath each other •start your calculation from the right Example Liz bought a newspaper for 50p, a drink for one pound five pence and a sandwich for £2.25 How much did she spend altogether? She spent £3.80 Example A power tool costs £42.95 on special offer in store A and £65.75 in store B How much you save if you buy it from store A? (This shows the traditional method; use whatever method you like best.) Exercise One Multiplying Money When multiplying money: •Record the money correctly, using two decimal places (You may need to add some zeroes.) •Carry out the multiplication ignoring the decimal point and starting from the right •Put a decimal point into your answer so that it has two decimal places Example Jean bought 12 books at £1.35 each What was the total cost? Example Leon bought eight items at £3.65 each He did this written calculation: Dividing Money Record the amount correctly to two decimal places •Put a decimal point above the one in your sum of money •Start from the left Example Five pens cost £3.85 How much did one cost? Each one cost £0.77 (77p) Dividing decimals can sometimes give you a long string of numbers In this case, work as far as three decimal places and then round the second place up or down If the last figure is five or more, round up If it is less than five, round down (If you need help with this look at factsheet in Numbers: Decimals Continued.) Example Jimmy paid £70 for tickets at a special offer price His five friends shared the cost with him How much did each ticket cost? Because the third decimal place is a six, round up The cost is £11.67 to the nearest penny Forms Here are some examples of forms using money calculations Example Here is part of Euan's Council tax bill for the year He checks the figures The total for the payments of £84 is x £84 = £756 Adding this to the first payment he gets £756.00 + £82.77 = £838.77 This is the total shown on the bill so it's correct at £838.77 Buying on Credit Buying on credit and paying in instaments usually means you pay more than if you pay the full price in one payment It's useful to be able to check how much extra it will cost you Example A fire with surround costs £299 in a DIY store The credit charge is 36 payments of £12.60 a month How much extra you pay when you buy on credit? The total of the monthly payments is 36 times £12.60 The difference between the cost and the payments is £453.60 - £299.00 So you pay £154.60 more than the original price  ... Recording Money Adding & subtracting money Multiplying money Dividing money Forms Buying on credit Recording Money Prices can be marked on goods, or spoken, in different ways, for example: Money. .. traditional method; use whatever method you like best.) Exercise One Multiplying Money When multiplying money: •Record the money correctly, using two decimal places (You may need to add some zeroes.)... for money questions, you need to know that it will not add trailing zeroes, so an answer of twenty pounds sixty pence would appear as 20.6; you need to record it as 20.60 Adding & subtracting money