If You Borrow Money, Pay it Back!
You have almost enough money to buy the skateboard that you want. You’ve been saving your
money—and you just need $10.00!
Your mom and dad said that they will loan
you the money, and they want you to pay it
back.
That’s the basic idea of a loan. When you
borrow money from someone—even if you
borrow from someone in your family—you
must pay it back.
When Will You Pay Back the Loan?
Another part of getting a loan is to decide
when you have to pay the money back, so
talk to your parents. They are your
lenders—the people who are loaning you
the money. This will be your plan for paying
the lender back. Put your plan in writing, and
include the following information:



How much money you are
borrowing
The amount of money each
payment should include
How many payments you have to
make
When you decide these things, you will
know how long you have to pay the money
back.
Choices
Some choices for how to pay back $10.00
include:


Pay back $1.00 each week for 10 weeks.
Pay back $2.00 each month for 5 months.
Keep Your Promise
Let’s say that you and your parents agree that you should pay back $1.00 each week for 10
weeks. If your parents loaned you $10.00, then keep your promise to pay it back in ten weeks.
This will show that you can be trusted.
?
?
?
What do you know?
Would you rather have…
1.
2.
3.
4.
5.
20 pennies or 2 quarters?
3 dimes or 5 nickels?
3 quarters or 10 nickels?
2 dimes or 30 pennies?
4 nickels or 1 quarter?
How Much Money is It?
Fill in the blank with the correct answer. The answers are
below.
1.
2.
3.
4.
2 quarters = ______ cents
3 nickels and 4 pennies = ______ cents
3 dimes = ______ cents
1 quarter and 2 dimes = ______ cents
If you want the most money, you should
have made these choices:
2.
1.
30 cents (30¢)
19 cents (19¢)
50 cents (50¢)
?
?
4550 Division, Trenton │ 21701 Allen Road, Woodhaven │8756 Macomb, Grosse Ile
www.shore2shorecu.com │866-661-8328
?
3.
45 cents (45¢)
Answers for
“How Much
Money is It?”
4.
2 quarters: 50¢ is more than 20¢
3 dimes: 30¢ is more than 25¢
3 quarters: 75¢ is more than 50¢
30 pennies: 30¢ is more than 20¢
1 quarter: 25¢ is more than 20¢
How did you do?
1.
2.
3.
4.
5.