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 Preapproved loan 2 Balloon payment 3 Debt repayment plan 4 Trade-in 5 Mortgage 6 Down payment 7 Rent to own agreement 8 Refinancing 9 Prepayment penalty A fee charged if you repay a loan before the agreed upon time. A loan used to purchase real estate A cash deposit towards the purchase price that is paid up front. 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 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 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
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