IXL | Uses for credit | 3rd grade math

Matthew used a credit card to buy a pair of winter boots. Which of the following is true?

Matthew cannot take the boots home today. He needs to save up enough money for them first.

Matthew can take the boots home today. He already paid the full amount for them, so there's nothing he needs to pay back.

Matthew can take the boots home today. He needs to pay back the money for them later.

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Learn with an example

question

Which describes a situation where someone needs to use credit to make a purchase now?

Tucker needs to have his computer fixed. Repairs cost

350

He has

800

in his checking account.

Colleen wants to buy a painting from an artist. The painting costs

600

She has

500

in her bank account.

Seth's grandfather plans to pay the magician performing at Seth's birthday party. The magician costs

100

and he has

120

in his wallet.

key idea

When you buy something with

credit,

you borrow money to get the thing now. You must pay back the money later. You might use credit when you don't have enough money to pay for something right away.

Usually, you will have to pay back a little more than you borrowed. That extra money is called

interest.

Taking out a loan and buying something with a credit card are two examples of using credit.

solution

Colleen does not have enough money for the painting. She would need to use credit to make a purchase now.

green checkmark, Colleen wants to buy a painting from an artist. The painting costs . She has in her bank account.

Colleen has , which is not enough money to make a purchase.

In these examples, each person has enough money to make their purchase now. So, they do not need to use credit.

red X symbol, Tucker needs to have his computer fixed. Repairs cost . He has in his checking account.

Tucker has , which is enough money to make a purchase.

red X symbol, Seth's grandfather plans to pay the magician performing at Seth's birthday party. The magician costs and he has in his wallet.

Seth's grandfather has , which is enough money to make a purchase.

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