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