Money

Grade 7 Mathematics - Money

Lesson Objectives

  • Understand the concept of money and its importance in everyday life.
  • Read and write money values correctly in decimal and word form.
  • Add, subtract, multiply, and divide values of money accurately.
  • Solve real-life word problems involving money operations.

Lesson Introduction

We use money every day to buy food, pay for transport, and meet our needs. Being able to handle money correctly is very important. In this lesson, we will learn how to perform basic arithmetic operations involving money and how to solve simple word problems.

Core Lesson Content

Money and its Value

Money can be represented in notes and coins. In mathematics, we often write money in decimal form, for example: ₦45.50 .

Operations with Money

We apply addition, subtraction, multiplication, and division in solving money-related problems.

Worked Examples

Example 1: Add ₦45.50 and ₦32.25.
45.50 + 32.25 = 77.75
The total amount is ₦77.75.
Example 2: Subtract ₦29.95 from ₦100.00.
100.00 - 29.95 = 70.05
The change is ₦70.05.
Example 3: Multiply ₦12.50 by 3.
12.50 \times 3 = 37.50
The total is ₦37.50.
Example 4: Divide ₦150.00 among 5 people.
150.00 \div 5 = 30.00
Each person gets ₦30.00.
Example 5: If you buy 4 books at ₦75.00 each, how much will it cost?
75.00 \times 4 = 300.00
Total cost is ₦300.00.
Example 6: A trader made ₦1200.00 and spent ₦850.50. What is the profit?
1200.00 - 850.50 = 349.50
The profit is ₦349.50.
Example 7: A phone costs ₦25000. If you pay in 5 equal installments, how much per installment?
25000 \div 5 = 5000
Each installment is ₦5000.
Example 8: You received ₦500 from 4 friends. What is the total amount?
500 \times 4 = 2000
The total is ₦2000.
Example 9: Your mum gave you ₦1000, you spent ₦345.75. How much do you have left?
1000.00 - 345.75 = 654.25
You have ₦654.25 left.
Example 10: How much will 3 items costing ₦109.99 each cost in total?
109.99 \times 3 = 329.97
Total is ₦329.97.
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Exercises

  1. Add: ₦75.00 + ₦23.50
  2. Subtract: ₦100.00 - ₦48.25
  3. [NABTEC] Multiply: ₦60.00 \times 4 [Past Question]
  4. Divide: ₦250.00 \div 5
  5. [WAEC] If 5 pens cost ₦150, what is the cost of 1 pen? [Past Question]
  6. [NECO] A boy received ₦1000 and spent ₦750.50. How much does he have left? [Past Question]
  7. [JAMB] A woman bought 3 bags of rice at ₦12,500 each. Find the total cost. [Past Question]
  8. Divide ₦6000 equally among 4 people. How much does each get?
  9. If a bag of beans costs ₦8,400 and a bag of rice costs ₦12,300, find the total cost.
  10. You have ₦10,000 and you spent ₦7,235.75. How much is left?

Conclusion/Recap

In this lesson, you learned how to perform basic operations involving money, including addition, subtraction, multiplication, and division. You also applied these skills to real-life word problems. In the next lesson, we will learn about Measurement and Units.

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