Remember: A loan is borrowed coins with a plan to pay them back, plus a little extra called interest. Ask a grown-up before you ever agree to one.
Read and answer
Read the story first, then answer.
Nico and the wheelbarrowNico grew apples on a small hill, but carrying them in two hands was slow. A wheelbarrow cost ten pretend coins, and Nico had none. Bea, who lent coins to the village, said, "I can give you a loan." She wrote it all on paper: ten coins now, paid back over three weeks, a little each week, with one extra coin in all for waiting. That extra coin is called interest. Nico and Bea signed, and each kept a copy. Nico bought the wheelbarrow and sold apple after apple. He paid Bea four coins in week one, four coins in week two and three coins in week three. Ten coins were borrowed and eleven were paid back.
1
Nico borrowed coins to buy the wheelbarrow.
2
What is the extra coin Nico pays Bea called?
The loanInterestA gift
3
Look at the table. In week three Nico paid coins.
4
All the coins paid back: 4 + 4 + 3 = coins.
5
Nico borrowed 10 and paid back 11. The interest is 11 − 10 = coin.
Parts, fix and think
6
Join each word to what it means.
1A lender
2A borrower
3Interest
4An agreement
Alets others borrow coins
Ba plan both people say yes to
Ctakes coins and pays them back
Dthe extra coin for waiting
7
Circle every part of a loan.
How many coins are lentHow long to pay backA free gift with nothing to pay backThe extra coin for waitingA paper that each person keeps
8
Bea wrote the loan on paper and read it out loud.
TrueFalse
9
Fix the mistake: Nico says a loan is a free gift. He is right.
TrueFalse
10
Put the loan in order, first to last.
Nico asks Bea for a loan
Nico pays Bea back over three weeks
Nico buys the wheelbarrow
Nico and Bea sign the paper
11
🕒A plan gets hard to keep. What is the better thing to do?
Go quiet and hope Bea forgetsHide from BeaTalk to the lender early
12
Write two questions you would ask a lender before you say yes to a loan.
13
Draw Nico's wheelbarrow full of apples.
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Answer key · Set A
What is a loan?
110 The wheelbarrow cost ten coins, and Bea put ten coins into Nico's hands.
2Interest Bea added one extra coin for waiting, and that extra coin is called interest.
33 Nico paid back 4, then 4, then the last 3 coins.
411 4 + 4 is 8, and 8 + 3 is 11. Nico paid back eleven coins in all.
51 Eleven is one more than ten, so the interest is one coin.
61-A, 2-C, 3-D, 4-B A lender lends, a borrower pays back, interest is the extra for waiting, and an agreement is a plan both say yes to.
7How many coins are lent, How long to pay back, The extra coin for waiting, A paper that each person keeps A loan has a size, a time, a price and a paper that each keeps. A free gift is not a loan, because nothing is paid back.
8True Bea wrote how many coins, how long and how often, and she read it out loud.
9False A loan is coins you borrow and agree to pay back. A free gift has nothing to pay back.
101, 4, 3, 2 First Nico asks, then they sign, then he buys the wheelbarrow, and last he pays back, a little each week.
11Talk to the lender early Telling the lender early is better than going quiet. Then they can make a new plan together.
12Your own words: a grown-up reads it.
Mark each answer, count the right ones and write the score on the sheet.