When comparing two installment loans with the same principal and APR,the loan with the longer maturity will have the lower monthly payment and the higher total costs.

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This is because, with a longer maturity, the loan is spread out over a longer period of time, resulting in a lower monthly payment. However, since the interest is being charged over a longer period of time, the total cost of the loan will be higher.

When Comparing Two Installment Loans with the Same Principal and APR,the