ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Down payment
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Up front payment
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Principal
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Interest
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Detailed explanation-1: -The down payment is an initial payment for the purchase of an item on credit. In simple terms, it is an advance payment for an expensive purchase. The payment represents a percentage of the total purchase price. You would pay the initial upfront payment called the down payment for the purchase of a car or a house.
Detailed explanation-2: -A down payment is money paid upfront in a financial transaction, such as the purchase of a home or car. Buyers often take out loans to finance the remainder of the purchase price.
Detailed explanation-3: -A down payment is a percentage of your home’s purchase price that you pay up front when you close your home loan. Lenders often look at the down payment amount as your investment in the home.
Detailed explanation-4: -Down payment (also called a deposit in British English), is an initial up-front partial payment for the purchase of expensive items/services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction.
Detailed explanation-5: -Look for Down Payment Assistance Programs. Tap Into Benefits for First-Time Buyers. Supplement Your Income With a Part-Time Job. Sell Some of Your Belongings. Downsize Your Lifestyle. More items