L3 Deal/No Deal-Car Loans Flashcards
Increase vocabulary skills through repetition to increase comprehension of curriculum
1
Q
amount of money to give seller on day of purchase
A
down payment
2
Q
amount of money borrowed from a bank/credit union that has to be repaid over time with interest
A
loan
3
Q
borrowing funding to pay for a large purchase
A
financed
4
Q
amount of money paid to lender for use of the principal
A
interest
5
Q
amount of money borrowed from lender
A
principal
6
Q
percentage of a loan that is charged as interest to the borrower over the time the loan is paid back
A
interest rate
7
Q
how a lender determines how reliable you are to pay back loan, based on how handled debt/credit in the past
A
creditworthiness
8
Q
paying off a loan in a series of equal invstallments
A
amortization
