Consumer math is a branch of math that uses basic math skills in real life situations like shopping, calculating taxes, estimating monthly budget, calculating interest rate for a loan, etc. Teaching kids about spending, saving and other aspects of "money math" will prepare them to make better financial decisions.
When you round $35.98 to the nearest dollar, you get $36.
Next you calculate 20% of $36
`36` x`20/100` = `7.2`
So, 20% tip on a bill of $35.98 is approximately $7.2
First calculate the discount price by multiplying the rate by the original price.
`30` x `40/100`=12
So, the discount price is $12
Now subtract the discount price from the original price to find out the sale price.
30 – 12 =18
The sale price is $18
Just divide the total cost by the quantity to get the unit price.
`5.50/10` = `0.55`
The unit price is $0.55 per battery.
| Budget | It is income and expenses for a given period of time. |
| Debt | Money that is owed or due. |
| Expense | Money spent on buying things. |
| Salary | Payment made to an employee. |
| Utilities | Cost for electricity, water, gas, etc.. |
| Loss | A reduction in the value of an investment. |
| Profit | Money earned from a business activity. |
| Tip | Money given to a worker such as a waiter to express appreciation for service. |
| Percent | One part of a hundred. |
| Unit price | Cost of one unit of measure of an item. |
| Simple interest | Interest calculated on the principal of a deposit or loan. |
| Compound interest | Interest added to the principal amount so that the added interest also earns interest. |
| Discount | Deduction from the usual cost of a thing. |
| Loan | Money that you borrow and must pay back with interest. |
| State tax | Money that the state collects based on your earned income. |
| Bonds | A loan you give to company or government at a pre-determined interest rate and for a specific time . |
| Sales tax | Tax paid for the sales of goods and services. |
| Commission | Money paid to an employee or agent based on percentage of the sales made. |
In the following pages, we will talk about percentage, simple interest and compound interest.
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