Math Example--Math of Money--Labor, Income, and Expenses--Example 8

Topic

The Math of Money

Description

The image shows an example where borrowing money from a bank incurs interest at a rate of $1 for every $10 borrowed. A grid tracks both borrowed money and interest owed, with boxes labeled "$10" and "$1". Borrowing $200 results in owing $220 total. This example illustrates Example 8: Suppose you borrow money from a bank. For every $10 you borrow, you owe the bank an additional $1. How much will you owe the bank for borrowing $200? Solution: 1. Use a grid to track the money borrowed and interest owed. 2. Count the total amount owed using a grid system for each borrowed amount plus interest. Total owed: $220..

The topic of The Math of Money involves practical examples of how mathematics is applied to everyday financial concepts, such as labor expenses, income calculations, and financial planning. The examples in this collection demonstrate real-world scenarios, providing students with relatable contexts to deepen their understanding.

Seeing multiple worked-out examples is crucial for students to fully grasp a concept. Each example reinforces understanding by highlighting different aspects of the topic, enabling students to build confidence and improve problem-solving skills.

Teacher Script: Let's analyze this example. Suppose you borrow money from a bank. For every $10 you borrow, you owe the bank an additional $1. How much will you owe the bank for borrowing $200? Solution: 1. Use a grid to track the money borrowed and interest owed. 2. Count the total amount owed using a grid system for each borrowed amount plus interest. Total owed: $220. Observe the details carefully. This approach helps us break down the problem into manageable parts, leading to a better understanding of the process.

For a complete collection of math examples related to The Math of Money click on this link: Math Examples: Labor and Expenses Collection.