the amount you pay for your car each month depends (in part) on how long you take to pay your car loan back…

the amount you pay for your car each month depends (in part) on how long you take to pay your car loan back (the loan term). which of these loan terms would result in the highest monthly car payment? choose 1 answer: a 12 months b 24 months c 36 months d 48 months

the amount you pay for your car each month depends (in part) on how long you take to pay your car loan back (the loan term). which of these loan terms would result in the highest monthly car payment? choose 1 answer: a 12 months b 24 months c 36 months d 48 months

Answer

Explanation:

Step1: Understand loan - payment relationship

The total loan amount is fixed. The shorter the loan term, the higher the monthly payment.

Step2: Compare loan terms

We have loan terms of 12 months, 24 months, 36 months, and 48 months. The shortest term is 12 months.

Answer:

A. 12 months