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Home ownership would be considered a
long-term need.
A typical down payment for a loan is about
10 to 20 percent of the purchase price.
Government student loans
usually do not require payments until after graduation.
Work-study programs allow students to earn money by working
on campus.
Interest paid on the original principal plus accumulated interest is called
compound interest.
The widest variety of banking services is provided at a
commercial bank.
A savings and loan association
is organized primarily to lend money for home mortgages.
Savings and checking accounts at a credit union are called
share accounts.
Savings accounts protected by the FDIC are protected from loss up to
$250,000.
You can authorize your employer to make automatic deductions from your paycheck each period with a(n)
payroll savings plan.
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