Multiplying money involves finding the total cost when you have multiple items at the same price. Dividing money involves splitting a total amount into equal parts or finding the cost of one item when you know the total cost for multiple items.
Always include the dollar sign ($) and decimal point in your answers when working with money. The decimal point separates dollars from cents.
When multiplying money, you multiply the dollar amount just like regular numbers, but you must keep track of the decimal point representing cents.
When multiplying money, the decimal point in your answer should have two digits after it to represent cents, even if they are zeros.
Division with money helps you find equal shares or unit prices. You divide the total amount by the number of items or people.
When dividing money, you may need to add zeros after the decimal point to complete the division. Continue dividing until you have exactly two decimal places for cents.
Multiplying and dividing money skills are used in everyday situations like shopping, splitting costs, and fundraising.
Always check if your answer makes sense. If you're finding the cost of one item, it should be less than the total cost. If you're finding the total cost, it should be more than the cost of one item.
Verifying your calculations ensures accuracy when working with money. Use inverse operations to check your answers.
If your check doesn't bring you back to the original numbers, recheck your calculations. Pay special attention to decimal placement.