(Solved): Question 20 Toni requires a personal loan for $3,000 with monthly payments. Toni considers several l ...

Question 20 Toni requires a personal loan for

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? Less interest is charged over a 2-year period than over a 1-year period. Total interest paid for a 2-year loan is more than for a 1-year loan. Monthly payments will be more for a 2-year loan than for a 1-year loan. APR is more for a 2-year loan than for a 1-year loan. Last saved 10:59:45 PM