The longer the term for a loan at a given interest rate, the greater the amount you must pay in interest charges.

Name: The longer the term for a loan at a given interest rate, the greater the amount you must pay in interest charges.
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Quizplus · Accepted Answer

This is because the longer the term of the loan, the more time there is for interest to compound and accrue. Therefore, even at the same interest rate, a longer loan term will result in higher overall interest charges.

The Longer the Term for a Loan at a Given