What is true about the length of a loan’s term? (1 point) Responses The longer the term, the fewer payments you will make. The longer the term, the fewer payments you will make. The longer the term, the more fees you will be charged. The longer the term, the more fees you will be charged. The longer the term, the higher the interest rate will be. The longer the term, the higher the interest rate will be. The longer the term, the more you will pay in interest.
1 answer
The correct statement among the options provided is: The longer the term, the more you will pay in interest.
This is because, with a longer loan term, interest is calculated over a greater period of time, leading to a higher total interest cost, even if the monthly payments are lower.
