term | definition |
landlord | the person who owns and rents property to another |
lease | a contract to rent property |
annual | yearly; relating to a period of 12 months |
down payment | part of the price paid when something is purchased |
financed | borrowed |
interest | a payment charged to the borrower for the use of money |
mortgage | a property loan |
principal | the amount of money loaned to a creditor |
fixed-rate mortgage | a loan in which the interest rate and payments remain the same |
monthly payment | the amount of money paid every month |
variable-rate mortgage | a loan in which the interest rate and payments change over time |
total interest | the total fee for borrowing money |
term | the period of time for which money is loaned |
utilities | household services |
meters | devices that measure gas, electricity, or water |
dials | the parts of a meter that show units |
units | single quantities |
cubic feet | units used to measure volume |
average | the middle point in a group of numbers; a common or usual number |
kilowatt | a unit of electricity equal to 1,000 watts |
kilowatt hour (kwh) | the energy used by one kilowatt in one hour |
watt | a unit of electricity |
flat rate | a base amount charged for monthly telephone service |
optional | involving a choice |
mortgage insurance | a policy that pays all or part of the balance owed on a house |
homeowner's insurance | a policy that pays for loss from fire or other reasons |
covereage rate | the percent paid for homeowners insurance protection |