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

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The loan with the shorter maturity will have a higher monthly payment since the principal and interest must be paid off in a shorter period of time. However, the total costs over the life of the loan will be lower since there will be less time for interest to accrue.

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