Relier Pairs Long term debt repaymentVersion en ligne Answer the questions using the information on pp 258-264 in the text book par Jeni Garcia 1 Rent to own agreement 2 Trade-in 3 Down payment 4 Refinancing 5 Balloon payment 6 Preapproved loan 7 Debt repayment plan 8 Mortgage 9 Prepayment penalty A strategy for paying off debt in a way that reduces the total interest paid A loan for which a maximum amount is established and approved in advance A loan used to purchase real estate 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. Paying off an existing loan with a new loan that usually has better terms Something of value applied towards the down payment of a new purchase A contract on which a portion of the renter's monthly payment is applied towards the purchase price of the rented item. A cash deposit towards the purchase price that is paid up front.
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