(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 is:
The longer the term, the more you will pay in interest.
Longer loan terms typically result in lower monthly payments, but they also mean that interest accrues over a longer period, leading to a higher total interest cost over the life of the loan.
