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