English 3 Unit 9 Lesson 3

Using Example B, what is the total amount of the car after 5 years with a 6.5% interest rate?

$19,370.40

Using Example B, what is the amount in the previous question minus the amount of "Total financed"? ________________. (This would be the cost of total interest paid after five years.)

$2,870.40

Using Example B, figure the difference of the "Total financed" with the amount paid after five years with the 14% interest rate (Example B).

$6,535.80

It is always wise to wait and get good _____ from experienced people or even a lawyer before making important agreements.

advice

The collateral in Example A is a(n) _______, which can be taken away in case of default.

automobile

Regular, full-time employees usually have more ______ but have taxes and social security taken out of their paychecks.

benefits

It is better to pay ______ for purchases instead of taking out loans or using credit cards, if at all possible.

cash

A business or person may be deceptive in telling what is in a(n) ______.

contract

A(n) ______ is one who does a temporary job and usually does not have benefits.

contract worker

Failure to pay credit cards or loans causes people to get a bad ______ and limits further transactions.

credit score

Contracts are valuable to ensure ______ for both parties in transactions, yet a contract may become ______ .

fairness; burdensome

What four things can medical contracts include?

for doctor's services for resuscitation for release of liability for donation of organs

The higher the cost of the purchase and the longer it takes to pay off the loan, the ______ amount of total interest the borrower will pay.

higher

In Example A, the _______ section on an auto loan includes the amount of payment, how often it is to be paid, and on what date the payment is due.

installments

With secured loans, in case of a default, the _____ can take away the asset as well as all of the money that was paid on it.

lender

A(n) _______ is a contract whereby a person borrows money to receive cash or for the purpose of buying some type of property on credit.

loan agreement

After figuring how the amount financed, interest rate, and time result in the total cost, what three things can reduce the final amount paid when making a car loan?

making a down payment having a lower interest rate shortening the time to pay the loan back

A person should not give ______ information or money to people or businesses that they are unsure about.

personal

Get a copy of contracts first and ____ them to fully understand the terms before signing anything.r

read

It is very important to check out companies and people by doing _____ like making phone calls.

research

A(n) ______ shows a purchase made. Among other things, it tells whether or not that item can be returned if it is faulty.

sales agreement

A general contract is for ______ that may include someone doing a job, getting a service done, or for medical purposes like doctor services or admission to a hospital.

services

Scams can be very _______ because people know how to deceive.

tricky or dangerous

secured a loan with an asset attached to it that belongs to the lender until the debt is paid collateral something pledged as security for repayment of a loan terms the provisions or actions in a contract to which a person agrees default nonpayment of a loan causing the contract to be canceled and the full amount due interest rate a percentage of the total amount due (the principal) that is charged by lenders for loaning money lease an agreement based on an amount of time for using an asset asset anything of value that can be sold for money notary a person authorized by the state or county to do certain legal tasks like certifying contracts

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