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Posted on Sep 10, 2024

In comparing a 60-month loan at 6% APR and a 48-month loan at 5.5% APR, all else equal, which of the following statements is true?

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You will pay less total interest for the shorter-term loan.

The longer-term loan has a higher monthly payment.

You will pay less in total for the longer-term loan.

The shorter-term loan has a lower monthly payment.

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