Vocab Ch4 Consumer Math

Front

Lease

Back

A contract to rent property (e.g., apartment, car)

Front

Financed

Back

borrowed

Front

Down Payment

Back

Part of the price paid at time of purchase

Front

Mortgage

Back

A property loan for a house.

Front

Principal

Back

The amount of money loaned to a creditor

Front

Interest

Back

A fee for borrowing money

Front

Fixed-rate mortgage

Back

A loan with constant interest and payments.

Front

Term

Back

The period of time for which money is loaned

Front

Variable-rate mortgage

Back

A loan where interest rate and payment vary over time.

Front

Mortgage Insurance

Back

A policy that pays all or part of the balance owed on a home.