Problem 53
Question
The price of a popular toy is \(\$ 49.99\). A customer with \(\$ 765\) in a checking account bought three of these toys with her debit card. Find the ending balance in the account. Use a negative number to represent a debit.
Step-by-Step Solution
Verified Answer
The ending balance is $615.03.
1Step 1: Calculate the total cost of the toys
Multiply the price of one toy by the number of toys bought. \( \text{Total Cost} = 49.99 \times 3 \)
2Step 2: Perform the multiplication
Calculate the multiplication. \( 49.99 \times 3 = 149.97 \)
3Step 3: Determine the ending balance
Subtract the total cost from the initial balance. \( \text{Ending Balance} = 765 - 149.97 \) \( \text{Ending Balance} = 615.03 \)
Key Concepts
multiplicationsubtractionfinancial literacydebit and credit
multiplication
Multiplication is one of the basic arithmetic operations. It involves finding the total of adding a number to itself a certain number of times. For example, if you buy three toys each costing \(49.99, you multiply 49.99 by 3 to find the total cost.
In mathematical terms: \(49.99 \times 3 = 149.97\).
This tells us that three toys cost \)149.97.
Understanding multiplication helps with everyday activities. For example, shopping, cooking, and even planning trips.
In mathematical terms: \(49.99 \times 3 = 149.97\).
This tells us that three toys cost \)149.97.
Understanding multiplication helps with everyday activities. For example, shopping, cooking, and even planning trips.
subtraction
Subtraction is another primary arithmetic operation. It means taking away one quantity from another. In our example, after finding the total cost of the toys, we subtract this amount from the existing balance in the checking account.
The initial balance is \(765\). The total cost of the toys is \(149.97\). So, we perform the subtraction \(765 - 149.97\).
This gives us the ending balance \(615.03\).
Subtraction is valuable in daily life, like budgeting and keeping track of your expenses.
The initial balance is \(765\). The total cost of the toys is \(149.97\). So, we perform the subtraction \(765 - 149.97\).
This gives us the ending balance \(615.03\).
Subtraction is valuable in daily life, like budgeting and keeping track of your expenses.
financial literacy
Financial literacy means understanding how money works in the world. It includes skills like saving, investing, and budgeting. In our example, knowing how to calculate the remaining balance after a purchase improves financial literacy.
Key aspects include:
Key aspects include:
- Understanding interest rates
- Knowing how to manage bank accounts
- Learning to budget and save
debit and credit
Understanding debit and credit is crucial for managing finances. When you use a debit card, the money is directly taken from your bank account. A negative number in this context represents money spent.
For example, buying toys for \(149.97\) with a debit card means that amount is subtracted from your account. The transaction shows as a debit.
In accounting, debit and credit help balance your books. Always track these to manage your spending and saving efficiently.
For example, buying toys for \(149.97\) with a debit card means that amount is subtracted from your account. The transaction shows as a debit.
In accounting, debit and credit help balance your books. Always track these to manage your spending and saving efficiently.
Other exercises in this chapter
Problem 53
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