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 Debt repayment plan 2 Trade-in 3 Refinancing 4 Balloon payment 5 Prepayment penalty 6 Rent to own agreement 7 Down payment 8 Preapproved loan 9 Mortgage 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 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 loan for which a maximum amount is established and approved in advance A cash deposit towards the purchase price that is paid up front. A loan used to purchase real estate Paying off an existing loan with a new loan that usually has better terms A fee charged if you repay a loan before the agreed upon time.
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