# Texas Go Math Grade 3 Lesson 20.4 Answer Key Borrowing and Credit

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## Texas Go Math Grade 3 Lesson 20.4 Answer Key Borrowing and Credit

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Borrowing
Emma wants to buy a new recorder for camp, but she does not have enough money. Her mother will lend Emma the money, but Emma must pay her mother back $5 each week from her allowance until the whole amount is paid hack. When you do not have enough money for something, you can borrow money. You borrow money when another person gives you money that you will need to pay back. A person lends money to someone else by giving money that needs to be paid back. Emma will _________. Her mother will __________. Emma the money now, but she must pay back a given amount each week in the future. Credit is paying for something with money that is borrowed and must be paid back, usually with interest. Interest is the money paid by the borrower to the lender for the use of the lender’s money. Answer: Emma will borrow. Her mother will lend. Credit When Emma returns to school, she will take trumpet lessons. Her mother wants to buy her a trumpet that costs$150. She does not have enough money, so she will use credit. She arranges to pay back $50 a month, and she must pay$5 extra each month. If it takes her 3 months to pay back the money, how much will she pay for the trumpet?

Emma’s mother needs to borrow __________. She pays back
__________ + $5, or __________ each month. So, she will pay __________ × __________ = __________ for the trumpet. Answer: Emma’s mother needs to borrow __________. She pays back 150 +$5, or 155 each month.
So, she will pay 55 × 3 = 165 for the trumpet.

Math Talk
Mathematical Processes

Explain why Emma’s mother has to pay more than $150 for the trumpet. Answer: Credit Since buying on credit often costs more, it is important to understand the difference between wants and needs. Wants and Needs Sometimes, you would like to have or buy something, but the item is not necessary at the time. Other things are real needs. Look at the sentences below. The words in red are either needs or wants. Write the words in red in the correct column in the table. Choose an item from the table that you might have to use credit to purchase. Explain why your choice is reasonable. I might use credit to buy _____________ because ______________. Answer: Explanation: The red color words are separated according to needs and wants. I might use credit to buy sun glasses because my glasses where broken Share and Show Question 1. Which of the following are examples of when you might use credit. Circle the boxes. Answer: Explanation: Circled the boxes which are examples of using credit 1. Your roof leaks. A roofer can make repairs for$1,200 but you do not have enough money
we have borrow money as credit
2. You drive to take college classes, but your car broke down. It will cost $800 to repair. we have borrow money as credit Question 2. A chef uses credit to buy a new mixer for his restaurant. If he pays$63 a month for 9 months, plus interest of $7 a month, how much will he pay for the mixer? Answer: He has to pay 630$ for mixer.
Explanation:
A chef uses credit to buy a new mixer for his restaurant.
If he pays $63 a month for 9 months, plus interest of$7 a month,
63 + 7 = 70
70 x 9 months= 630
630$he has to pay for the mixer Problem Solving For 3-4, circle the sentence that shows a need. Question 3. Your class is going on a field trip to an animal rescue farm. (A) You are asked to bring a sandwich, fruit, and a juice box for lunch on the day of the trip. (B) You decide to buy a new animal tee shirt for the trip. Answer: A Explanation: Lunch is a need but not the T-Shirt Question 4. Your grandmother is making a carrot cake for the fair. (A) You are sent to the store with$2 to buy carrots.
(B) The carrots cost less than $2, so you buy yourself a snack. Answer: A Explanation: You are sent to the store with$2 to buy carrots is a need Than carrots cost less than $2, so you buy yourself a snack. Question 5. H.O.T. Multi-Step Brianna’s swimming lessons start tomorrow and she needs a new swimsuit. A swimsuit costs$35, but Brianna has saved only $7. Brianna borrows the money from her sister and pays her back$8 a week. Her sister does not make Brianna pay interest. Will Brianna be able to pay her sister back in 3 weeks? Explain.

Explanation:
Brianna’s swimming lessons start tomorrow and she needs a new swimsuit.
A swimsuit costs $35, but Brianna has saved only$7.
Brianna borrows the money from her sister and pays her back $8 a week. 8 x 3 = 24 24 + 7 = 31 31< 34 Her sister does not make Brianna pay interest. No, Brianna will not be able to pay her sister back in 3 weeks Question 6. H.O.T. Apply Write a problem about something you or your family needs that costs$100. Decide how much you have and how much you will need to borrow on credit, including how much you will pay back each month. Include an amount of interest to pay back each month. Then find how much you will pay back and the total cost.

Fill in the bubble for the correct answer choice.

Question 7.
Multi-Step John needs to have a textbook for a college class that starts tomorrow. The book costs $60. How much more will the book cost him to buy if he uses credit, pays$12 a month, and pays an extra $4 a month in interest? (A)$70
(B) $20 (C)$12
(D) $60 Answer: B Explanation: John needs to have a textbook for a college class that starts tomorrow. The book costs$60.
pays $12 a month, and pays an extra$4 a month in interest
5 months x 12$= 60 5 x 4 = 20$
so, she has to pay $20 extra Question 8. Robin has$32. She needs to buy 3 soccer shirts that cost $15 each. Her father will lend Robin enough money to buy the shirts. How much will Robin need to borrow from her father on credit? (A)$13
(B) $2 (C)$45
(D) $30 Answer: A Explanation: Robin has$32.
She needs to buy 3 soccer shirts that cost $15 each. 3 x 15 = 45 Her father will lend Robin enough money to buy the shirts. Robin need to borrow from her father on credit of$13

Question 9.
Jim has just enough money to pay his rent. He sees a coat at the mall that costs $50. His coat is old but usable. Which statement below is true? (A) He does not have enough to pay rent. (B) He needs the coat right away. (C) Using credit will not cost him any extra money. (D) He could buy the coat on credit. Answer: D Explanation: Remaining 3 option doesn’t make a sense for buying the coat Texas Test Prep Question 10. Mr. Diaz starts a basketball clinic for local youth, but he has no sports equipment. He needs to buy 3 basketballs that cost$30 each. Mr. Diaz has $45 saved and borrows the rest of the money. Which statement below is NOT true? (A) He is using$45 credit to buy the basketballs.
(B) He can pay back $5 a week for 9 weeks. (C) He is using$90 credit to buy the basketballs.
(D) He can pay back the loan faster if he pays $9 a week. Answer: C Explanation: The remaining 3 options are the ways to take credit ### Texas Go Math Grade 3 Lesson 20.4 Homework and Practice Answer Key Question 1. Look at the sentences below. The words in red are either needs or wants. Write the words in red in the correct column in the table. Answer: Explanation: The red color words are separated according to needs and wants. Problem Solving Question 2. Pete needs to buy a new jacket that costs$33, but he has saved only $12. His parents will lend Pete the money, but he must pay them back$7 each week from his allowance. Who is the borrower? Who is the lender?
Explanation:
Pete is the borrower as he is taking the money
and his parents are lenders as they are giving the money

Question 3.
Is Pete using credit? Is he paying interest? Explain.
Explanation:
Yes, Pete is using credit but he is not paying the interest

Question 4.
How long will it take Pete to pay back the money? Explain.
Explanation:
Pete needs to buy a new jacket that costs $33, but he has saved only$12.
His parents will lend Pete the money,
but he must pay them back $7 each week from his allowance 33 – 12 = 21 3 weeks x 7$ = 21$Lesson Check Fill in the bubble completely to show your answer. Question 5. Chet needs to repair his broken bicycle so he can deliver newspapers. He uses credit to borrow$84. He will pay $12 each month. He must also pay$1 extra in interest each month. How much does he pay in all to have the bike repaired?
(A) $91 (B)$72
(C) $84 (D)$79
Explanation:
He uses credit to borrow $84.$12 each month.
7 month x 12 $= 84 pay$1 extra in interest each month.
84 + 7 = 91

Question 6.
Ming wants to buy a new backpack that costs $28. She has$4 saved and will earn another $3 babysitting. How much money will Ming need to borrow if she wants to buy the backpack today? (A)$21
(B) $35 (C)$24
(D) $25 Answer: A Explanation: Ming wants to buy a new backpack that costs$28.
She has $4 saved and will earn another$3 babysitting
28 – 7 = 21
Ming need to borrow if she wants to buy the backpack today is 21

Question 7.
Nyala is grocery shopping at the local market. Which of the following is most likely a need, rather than a want?
(A) silk flowers
(B) magazines
(D) ice cream bars
Explanation:
silk flowers, magazines , ice cream bars are the want bread and milk, is  a need

Question 8.
Which of the following would you most likely use credit to buy?
(A) food for a holiday meal
(B) a light bulb for a lamp
(D) material to fix a hole in the roof
Explanation:
Except D remaining are wants
Fixing the hole for a roof is a need

Question 9.
Multi-Step Wendy needs to buy warm clothing for college. She borrows $200 and must pay the money back in equal amounts for 10 months. She must also pay$2 interest each month. What is her monthly payment, including interest?
(A) $35 (B)$12
(C) $3 (D)$22
Explanation:
Wendy needs to buy warm clothing for college.
She borrows $200 and must pay the money back in equal amounts for 10 months. She must also pay$2 interest each month.
2 x 10 = 20
220 ÷10 = 22$Question 10. Multi-Step Hakim has$15 saved. He wants to buy a barbeque grill for $75. He borrows the money he needs and pays an equal amount back for 6 months. The interest is$2 each month. How much money will he pay back in all?
(A) $15 (B)$75
(C) $60 (D)$72
Hakim has $15 saved. He wants to buy a barbeque grill for$75.