Multiplication and Money

Content Multiplication and Money
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Multiplication and Money

What is money multiplication? Follow along as we learn more about multiplying with money and multi-digit multiplication with money. Below we will explore more about multiplying money decimals.

How to do Multiplication with Money

How do you multiply with money? Many people find the total cost of something by adding up money. But, you can use multiplication to count money in a more efficient way. You can multiply the cost of one item by how many people buy it. When you are multiplying amounts of money with decimal points it can be helpful to take out the decimal points while multiplying as whole numbers and then put them back in at the end. When multiplying money with decimal points, follow these steps:

Step # What to do
1 Start by setting up the equation.
2 Multiply as whole numbers.
3 Circle the digits to the right
of the decimal point.
4 Count the digits to the right
of the decimal point.
5 Put the pounds sign on.

Money Multiplying – Examples

Imagine you want to sell muffins and one box costs £4.25. Five people want to buy a box of muffins, how much money will you make?

Start by creating a multiplication equation, here it is four pounds and twenty-five pence times five.

Next, multiply as whole numbers. Four hundred and twenty five times five equals two thousand one hundred and twenty-five.

Then, circle the digits to the right of the decimal point and put the decimal point back in.

Finally, put the pounds sign on to find the cost!

You will receive twenty-one pounds and twenty-five pence from selling your muffins.

Multiplication with Money – Summary

Remember multiplication of money works practically the same as multiplication operations with different items or just numbers. Just keep in mind that you need to add the pounds sign after writing the numbers. Let’s repeat the steps necessary for multiplication with money.

• Start by setting up the equation.

• Next, multiply as whole numbers.

• After that, circle the digits to the right of the decimal point.

• Then, count the digits to the right of the decimal point.

• Finally, put the pounds sign on.

Check out our other money multiplying ideas resources and further work on multiplying money KS2 with our interactive exercises and multiplying money worksheets featuring multiplying money word problems and more.

Multiplication and Money exercise

Would you like to apply the knowledge you’ve learnt? You can review and practice it with the tasks for the video Multiplication and Money.
• Which items can this customer buy?

Hints

Check the number of boxes and how much one box is worth. Multiply these to find the total price.

For example: If there were 4 boxes of brownies that each cost £5.00, we would find the total like this.

Solution

The customer could have bought:

• two boxes of buns
OR
• three boxes of biscuits.
If we multiply £2.00 by 3 we get £6.00.

If we multiply £3.00 by 2 we get £6.00.

• Which gift card does the customer need to use?

Hints

Remember you are solving £3.50 x 4. Take the decimal point out to help you so it becomes 350p x 4.

Try writing out the problem like this. Multiply the ones place first, then the tens, then the hundreds.

Don't forget to add the decimal point back in.

Solution

They should use the gift card worth £14.00.

Here we can see how we reached the answer.

• If we multiply 0 by 4 we get 0, so we write that in the ones place.
• We then multiply 5 by 4 which is 20. We write 0 in the tens column and then carry the 2.
• Then we multiply the 3 by the 4 which is 12, and add the 2 to get 14 which we write below.
• Don't forget to add the decimal point back in. Count two places from the right as these two digits represent the pence.
• We then get the answer £14.00.

• Can you match the boxes to the price?

Hints

Look at how much one box costs and then multiply it by the number shown in each picture.

For example, if we were working out how much two boxes of brownies cost, we would do it like this.

Don't forget to add on any numbers you have carried over.

Solution

Four boxes of brownies costs £11.00.

• We first multiplied 5 x 4 to get 20. We write 0 in the ones column then carry the 2 across.
• We then multiply 7 x 4 to get 28. We add the 2 to 28 to get 30. We write 0 in the tens column and carry the 3 across.
• Next, we multiply 2 x 4 to get 8. We add the 3 to the 8 to get 11. We write 11 in the hundreds and thousands columns.
• We can then count two digits in from the right to find where the decimal point goes to represent the pence.
• Therefore the total cost is £11.00.
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Using the same method:

• Five boxes of chocolate chip cookies costs £9.25.
• Six boxes of lemon cake slices costs £19.20.
• Three boxes of cake pops costs 11.70.
• What could be bought with each gift card?

Hints

Have a look at how much one box costs and then multiply it by the number shown.

If we saw a biscuit and then x 3, we would be working out £1.50 x 3 like this.

Solution

Here is an example of what we could get with each gift card.

If we multiply the price of one box by the number shown in each picture we get the following answers:

For the £6.00 gift card a customer could get:

• 3 boxes of chocolate biscuits
• 4 boxes of biscuits
• 2 boxes of doughnuts
For the £9.00 gift card a customer could get:
• 3 boxes of doughnuts
• 2 boxes of croissants
For the £12.00 gift card a customer could get:
• 4 boxes of doughnuts
• 6 boxes of chocolate biscuits
• 8 boxes of biscuits

• How much does the customer need to pay?

Hints

Remember to start multiplying in the ones column, then move to the tens, and then the hundreds.

Don't forget to add any numbers you have carried over.

Solution

Here is the completed multiplication equation. The customer owes Freddie and Zuri £7.95.

• We first multiplied 5 x 3 to get 15. We write 5 in the ones column then carry the 1 across.
• We then multiply 6 x 3 to get 18. We add the 1 to 18 to get 19. We write 9 in the tens column and carry the 1 across.
• Next, we multiply 2 x 3 to get 6. We add the 1 to the 6 to get 7. We write 7 in the hundreds column.
• We can then count two digits in from the right to find where the decimal point goes. The decimal point goes between the 7 and 9.
• Therefore the total cost is £7.95.
• Can you help order the boxes at the baking stand?

Hints

Look at how much one box costs and then multiply it by the number shown.

For example, if we wanted to know the cost of three boxes of jam tarts, we would solve it like this.

Could you work out the total price of each set of boxes using pen and paper first and then order them?

Solution

These are the correctly ordered items from cheapest to most expensive.

• Two boxes of cheesecake slices costs £8.30.
• Four boxes of flapjacks costs £9.40.
• Six boxes of jam tarts costs £10.50.
• Three boxes of apple pie slices costs £10.95.