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

Question

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

The longer the term, the higher the interest rate will be.

Answer 1

The correct statement is:

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

Generally, loans with longer terms tend to have more total interest paid over the life of the loan, even if the monthly payments are lower.