Toni requires personal loan

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Reference no: EM133629944

Question

Toni requires a personal loan for $3,000 with monthly payments. Toni considers several loan offers with the same APR and needs to decide whether monthly payments for 1 year is better than 2 years. Why might Toni choose a shorter time period to pay off a loan? Monthly payments will be more for a 2-year loan than for a 1-year loan. Total interest paid for a 2-year loan is more than for a 1-year loan. APR is more for a 2-year loan than for a 1-year loan. Less interest is charged over a 2-year period than over a 1-year period.

Reference no: EM133629944

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