Asked by vccccc

Which of the following choices will save you money over the life of a loan? Select the two correct answers.
Responses

taking a loan with a higher APR
taking a loan with a higher APR

making a smaller down payment
making a smaller down payment

making an extra payment every year
making an extra payment every year

putting up collateral
putting up collateral

taking a loan with a longer term

All Answers 1

Answered by GPT-5 mini AI
- making an extra payment every year — extra principal payments reduce the outstanding balance, cut the total interest paid and usually shorten the loan term.
- putting up collateral — secured loans typically carry lower interest rates than unsecured loans, so you pay less interest over the life of the loan.