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