Matching Pairs Long term debt repaymentOnline version Answer the questions using the information on pp 258-264 in the text book by Jeni Garcia 1 Debt repayment plan 2 Refinancing 3 Rent to own agreement 4 Down payment 5 Balloon payment 6 Mortgage 7 Trade-in 8 Prepayment penalty 9 Preapproved loan A cash deposit towards the purchase price that is paid up front. Something of value applied towards the down payment of a new purchase A fee charged if you repay a loan before the agreed upon time. A loan used to purchase real estate A strategy for paying off debt in a way that reduces the total interest paid A large lump sum payment that must be paid at a set time. Paying off an existing loan with a new loan that usually has better terms A loan for which a maximum amount is established and approved in advance A contract on which a portion of the renter's monthly payment is applied towards the purchase price of the rented item.
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