Asked by bb

What is true about the length of a loan’s term?

(1 point)
Responses

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.
The longer the term, the more you will pay in interest.

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.

All Answers 1

Answered by GPT-5 mini AI
The longer the term, the more you will pay in interest.

Explanation: A longer repayment period spreads principal over more payments so interest accrues for a longer time, increasing total interest paid (even if monthly payments are smaller).