Here are some financial word problems to help kids learn about personal finance management!
Answer: Convert the percentage into a decimal by moving the decimal point 2 places to the left and then multiply $32.50 by 0.20, which equals $6.50.
Answer: Multiply the minimum payment ($32) by 1.5, which equals $48. Then divide the balance ($1,272.50) by the payment ($48), which equals 26.5 months. Since there is something owed after the 26 months, Nancy will also have to make 1 last payment on month 27.
Answer: Tom only has $450 to spend. Subtract his medical fees ($390) and he has $60 left. So he does not have enough money left over to pay his student loan of $250. If he charges it to his credit card, when he gets paid again before the end of the month, he can pay off his credit card and still have money left over for other expenses like food.
Answer: First calculate how much money Dave will save over the 8 weeks at his full-time job. Multiply his weekly pay ($450) by 8 weeks, which equals $3,600. Add his current savings ($800), which equals $4,400. Now subtract $4,400 from the cost of the car ($5,400) and that equals $1,000. So Dave needs to earn an extra $1,000 from his part-time job to pay for the car.
First subtract any withdrawals and any deposits to Becky's previous pay check of $1,000: $1,000 - $625 + $50 - $175 - $23 = $227. Then subtract the upcoming $60 phone bill, which leaves $167, which is not enough to pay for the $200 tablet.