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Money · Ages 7+ · Set A
Borrowing costs extra
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Remember: A lender is paid a little extra for waiting. The extra is called interest, and a longer wait means more extra.

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Ana borrows from LenaAna made baskets for the village market, but reeds cost ten pretend coins and she had none. Lena the lender had a purse full of coins. A lender is someone who lets others borrow their coins. "Can I borrow ten coins for one week?" asked Ana. Lena could not use those coins while Ana had them, so she waited. "Yes! I ask one extra coin for the week," she said. After one week Ana brought back eleven coins: ten she borrowed and one extra. The extra coin is called interest, the price of borrowing. The next time Ana took two weeks, and she brought back twelve coins, because Lena asks one extra coin for each week of waiting. A good lender says the extra before the borrowing starts.
1
Ana borrows 10 coins for one week and pays one extra. She pays back coins.
2
Use the table. For 3 weeks of waiting, Ana pays back coins.
3
Lena asks one extra coin for the week. What is the extra coin called?
A giftA changeInterest
4
Lena asks for an extra coin because she has to wait for her coins.
TrueFalse
5
Join each word to what it means.
  1. 1lender
  2. 2interest
  3. 3week of waiting
  4. 4borrowed pencil
  • Asomeone who lets others borrow their coins
  • Bone extra coin
  • Cthe price of borrowing
  • Dthe same pencil comes back
6
Circle every one where more comes back than was borrowed.
Borrow ten coins for four weeks and pay back fourteenReturn a friend's ballBorrow ten coins for one week and pay back elevenGran lends ten coins and asks nothing extraGive back a borrowed pencil

Order, fix and think

7
Number what happened.
  • Ana weaves and sells baskets
  • Lena counts ten coins into Ana's hands
  • Ana asks Lena to borrow ten coins for a week
  • Ana brings back eleven coins
  • Ana needs ten coins for reeds
8
Fix the mistake. Ana says: I borrowed ten coins for two weeks, so I pay back eleven. What is wrong?
Two weeks means two extra coins, so she pays back twelveTwo weeks means ten extra coinsNothing is wrong
9
Why does a longer wait cost more?
The reeds get heavierThe lender waits longer, so asks one extra coin for each weekThe lender forgets the price
10
Stretch. Ana borrows 10 coins for 5 weeks and pays back 15. The interest is coins.
11
In your own words, why does a good lender say the extra before the borrowing starts?
12
Draw Ana's coins for two weeks: ten in one pile, and the extra coins sitting apart.
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