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 Down payment 3 Refinancing 4 Balloon payment 5 Rent to own agreement 6 Debt repayment plan 7 Preapproved loan 8 Trade-in 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. 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 loan used to purchase real estate A cash deposit towards the purchase price that is paid up front. 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 A fee charged if you repay a loan before the agreed upon time.
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