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 Preapproved loan 3 Mortgage 4 Balloon payment 5 Debt repayment plan 6 Prepayment penalty 7 Down payment 8 Trade-in 9 Refinancing A fee charged if you repay a loan before the agreed upon time. A cash deposit towards the purchase price that is paid up front. A contract on which a portion of the renter's monthly payment is applied towards the purchase price of the rented item. A loan for which a maximum amount is established and approved in advance A large lump sum payment that must be paid at a set time. A strategy for paying off debt in a way that reduces the total interest paid Something of value applied towards the down payment of a new purchase A loan used to purchase real estate Paying off an existing loan with a new loan that usually has better terms
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