Algebra Word Problems – Money

The examples on algebra word problems – money will help us to learn how to write and solve equations involving money.

Steps involved for calculating practical money problems:

● Read the problem carefully and note what is given in the question and what is required to find out.

● Denote the unknown by any variables as x, y, …….

● Translate the word problem to the language of mathematics or mathematical statements into equations.

● Form the linear equation in one variable according to the conditions given in the problems.

● Solve the equation for the unknown.

● If you want to re-check verify the answer to be sure whether the answer satisfies the conditions of the problem.

The detailed explanation will help us to understand how to solve the algebra word problems – money.

1. Donna, Chris, and Austin have a total of $93 in their wallets. Donna has $7 more than Chris. Austin has 3 times what Donna has. How much do they have in their wallets?

Solution:

Let the amount in Chris’s wallet be $x

Donna has $7 more than Chrish's wallet = $(x + 7)

Austin has 3 times than Donna's wallet = $3(x + 7)

According to the problem, Donna, chris, and Austin have a total of $93 in their wallets.

Therefore,

x + (x + 7) + 3(x + 7) = 93

x + x + 7 + 3x + 21 = 93

  5x + 28 = 93

      - 28   -28     (subtract 28 from both sides)

  5x        = 65

or, 5x/5 = 65/5    (Divide both sides by 5)

x = 13

Amount in Chris wallet = $x = $13

Amount in Donna's wallet = $(x + 7) = $(13 + 7) = $20

Amount in Austin 's wallet = $3(x + 7) = $3(13 + 7) = $3(20) = $ 60

Answer: Amount in Chris’s wallet: $13
             Amount in Donna's wallet: $20
             Amount in Austin's wallet: $60

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