Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - 8.7 The Cost of Home Ownership - Concept and Vocabulary Check: 1

Answer

Mortgage, down payment

Work Step by Step

A long-term installment loan for the purpose of buying a home is called a mortgage. The portion of the sale price of the home that the buyer initially pays to the seller is called the down payment.
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