INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-You are borrowing $5,000 at 9%.You may choose a 24 or 36 month repayment plan.Monthly payments will be higher with the [24 | 36] month plan.
A)for the first item
B)for the second item
C)if neither item will correctly complete the statement.

Question

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-You are borrowing $5,000 at 9%.You may choose a 24 or 36 month repayment plan.Monthly payments will be higher with the [24 | 36] month plan.
A)for the first item
B)for the second item
C)if neither item will correctly complete the statement.

Quizplus · Accepted Answer

The 24 month plan will have higher monthly payments because the loan amount will be divided into fewer payments, resulting in a higher payment amount each month compared to if the loan was spread out over a longer period of time.

INSTRUCTIONS: Choose the Word or Phrase in [ ] Which