Remember: A co-signer's name is on the same loan, and the promise is real: if the borrower cannot pay, the co-signer will. A kind no is okay. These are made-up coins and a made-up village.
Read and answer
Read the story first, then answer.
Tomas and the boatTomas worked on the fishing boats and dreamed of a boat of his own. The boat cost 12 coins, and he had too few saved. Mr. Fenn opened Tomas's page at the Record House and found it blank, since this was a first loan. "Not yet, but I would lend if someone with a tidy book helped," he said. So Tomas asked his Aunt Rosa, who had a long, tidy book, to be his co-signer. To co-sign is to sign the same loan: two names on one paper. The second name promises that if the first cannot pay, the second will. Rosa asked herself, "Could I pay all twelve coins?" She did not answer at once, because a helper's promise is real. Then she said yes and signed under Tomas's name. The loan sat on both pages, and every payment, on time or late, shows on both. In months one and two, Tomas paid 3 coins each month, and gold ticks landed on both pages. In month three, a storm kept every boat in the harbor, and with no fish there were no coins. Tomas could not pay, so the bank turned to Rosa, and she paid the 3 coins before the due day. In month four the sea was calm. Tomas paid the last 3 coins, then paid Rosa back what she had covered. If Rosa had said no, that would have been fine too: Tomas could save longer or choose a smaller boat.
1
The boat costs 12 coins. Tomas pays 3 coins a month, so the loan takes months.
2
What does a co-signer promise?
To pay every month firstTo buy the boat for TomasTo pay if the borrower cannot
3
Tomas paid 3 in month one and 3 in month two. After two months he has paid coins.
4
In month three Tomas cannot pay. Who does the bank ask?
Mr. Fenn's other lenderRosa, the co-signerNobody: the payment is skipped
5
Rosa covers month three. How many coins does she pay?
1263
Order, match and fix
6
Number the story, first to last.
A storm stops the fishing
Rosa pays month three
Tomas pays Rosa back
Rosa signs under Tomas's name
Tomas asks Rosa to co-sign
7
Join each word to who or what it is.
1Borrower
2Co-signer
3Two names
ARosa, who promises to pay if Tomas cannot
Bsigned on the same loan paper
CTomas, who gets the boat
8
Circle every thing that shows on both pages.
The loanGold ticks for payments on timeA late payment, if there is oneThe pie Tomas gave RosaRosa's cup of tea
9
Rosa has to say yes, because Tomas is family.
TrueFalse
10
What did Rosa wonder before she answered?
How fast the boat would goCould I pay all twelve coins if I had to?Will anyone ever ask me?
11
Tomas says: Rosa paid month three, so I do not owe anything for it. Is he right?
YesNo
12
Stretch: say Tomas could not pay months three and four, at 3 coins a month. Rosa would pay coins.
13
Write one question to think about before promising to help someone with money.
14
Draw two names on one loan paper, and a line from each name to a page.
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Answer key · Set A
Co-signing: a big promise
14 3 + 3 + 3 + 3 = 12, so four months of 3 coins.
2To pay if the borrower cannot To co-sign is to sign the same loan. The second name promises that if the first cannot pay, the second will.
36 3 + 3 = 6.
4Rosa, the co-signer That is what Rosa's signature means. The bank turned to her.
53 A month's payment is 3 coins. Twelve is the whole boat.
63, 4, 5, 2, 1 Tomas asks, Rosa signs, the storm comes, Rosa covers month three, and Tomas repays her in month four.
71-C, 2-A, 3-B Tomas borrows, Rosa co-signs, and both names are on one paper.
8The loan, Gold ticks for payments on time, A late payment, if there is one The loan, the gold ticks and any late payment all show on both pages.
9False A kind no is okay. Tomas could save longer or choose a smaller boat.
10Could I pay all twelve coins if I had to? A helper's promise is real, so she asked herself whether she could pay all of it.
11No Tomas paid Rosa back what she had covered, with a pie for thanks.
126 Her promise covers what Tomas cannot pay: 3 + 3 = 6.
13Your own words: a grown-up reads it.
Mark each answer, count the right ones and write the score on the sheet.