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 Balloon payment 3 Mortgage 4 Down payment 5 Trade-in 6 Prepayment penalty 7 Rent to own agreement 8 Preapproved loan 9 Refinancing A loan used to purchase real estate A strategy for paying off debt in a way that reduces the total interest paid A fee charged if you repay a loan before the agreed upon time. 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. 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. Something of value applied towards the down payment of a new purchase