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 Balloon payment 2 Refinancing 3 Debt repayment plan 4 Mortgage 5 Prepayment penalty 6 Trade-in 7 Down payment 8 Preapproved loan 9 Rent to own agreement 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. 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 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 contract on which a portion of the renter's monthly payment is applied towards the purchase price of the rented item. A loan used to purchase real estate A loan for which a maximum amount is established and approved in advance