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Making Money by Using Yours



Making Money by Using Yours

A Short Reader

Reading Level
     edHelper's suggested reading level:   grades 3 to 5
     Flesch-Kincaid grade level:   3.87

Vocabulary
     challenging words:    additional, earning, banks, supplies, interesting, money, deposit, works, account, amount, certain, month, earn, business, charge, able
     content words:    Then John


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Making Money by Using Yours
By Erin Horner
  

1     How do you make money? Maybe you do chores, babysit, or walk the neighbor's dog. If you take your earned money and deposit it into a bank account, you could earn even more money. You could earn interest. Banks pay interest to people who deposit money into certain types of accounts.
 
2     Banks need your money! They make money by lending out some of yours. Banks make loans to people who need to borrow money to pay for houses, cars, and other things. When a borrower repays the loan, he or she must pay back the amount borrowed plus an additional amount of interest. The bank makes money by collecting this fee. If people don't deposit their money at the bank, the bank doesn't have money available to loan to others. To entice you to deposit your money and to thank you for letting them use it, banks pay customers a small amount of interest each month.
 
3     Let's look at an example of how this interest works. Jack walks into his local bank and deposits $100.00 into a savings account. The bank pays him 3% interest. Three percent of $100.00 is $3.00. Then John goes to the bank. He needs to borrow money. He needs $90.00 for school supplies. The bank will loan John $90.00, but it will charge him 6% interest. When he repays the loan, he will have to pay the bank the $90.00 plus an additional $5.40, which is 6% of the loan amount, in interest.

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