What is true about the length of a loan’s term? (1 point) Responses 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 fewer payments you will make. The longer the term, the fewer payments you will make. The longer the term, the more you will pay in interest.
1 answer
The correct statement about the length of a loan's term is: The longer the term, the more you will pay in interest.
Generally, longer loan terms typically result in lower monthly payments, but over the life of the loan, you will pay more in total interest.
