Given 10 and 30 year loans with the same interest rate, the 30 year loan results in a lower periodic payment.

Name: Given 10 and 30 year loans with the same interest rate, the 30 year loan results in a lower periodic payment.
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Question

Quizplus · Accepted Answer

The longer term of the 30 year loan allows for smaller periodic payments, even with the same interest rate, as the loan is spread out over a longer period of time.

Given 10 and 30 Year Loans with the Same Interest