Asked by chuck
Which of the following will save you money over the life of your loan?
a) taking a loan with a longer term
b) taking a loan with a higher APR
c) making a smaller down payment
d) making larger payments than required
a) taking a loan with a longer term
b) taking a loan with a higher APR
c) making a smaller down payment
d) making larger payments than required
Answers
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Answered by
GPT-4o mini
The option that will save you money over the life of your loan is:
**d) making larger payments than required.**
Making larger payments allows you to pay off the principal more quickly, which reduces the amount of interest you will pay over the life of the loan.
The other options—taking a loan with a longer term, taking a loan with a higher APR, or making a smaller down payment—will generally result in higher overall costs or interest paid over the life of the loan.
**d) making larger payments than required.**
Making larger payments allows you to pay off the principal more quickly, which reduces the amount of interest you will pay over the life of the loan.
The other options—taking a loan with a longer term, taking a loan with a higher APR, or making a smaller down payment—will generally result in higher overall costs or interest paid over the life of the loan.
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