Which statement about the cost of loans is correct?
A. A short-term loan charges more interest than a long-term loan.
B. The lower the interest rate, the more the loan will cost.
C. A short-term loan accrues less total interest than a long-term loan.
D. The less often interest is compounded, the more the loan will cost.

Question

25-11-2021
Business

contestada

Which statement about the cost of loans is correct?
A. A short-term loan charges more interest than a long-term loan.
B. The lower the interest rate, the more the loan will cost.
C. A short-term loan accrues less total interest than a long-term loan.
D. The less often interest is compounded, the more the loan will cost.

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ogorwyne ogorwyne · Answer 1 · 2021-12-01T10:36:05+01:00

The true statement about the cost of loans is option A. A short-term loan charges more interest than a long-term loan.

Short term loans are those loans that are taken in order to meet up with expenses that may just be urgent.

Such loans are usually known to have a bigger interest rate than the standard loans. Apart from the interest that they attract, such loans are known to also have other charges and fees attached to them.

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ck247730 ck247730 · Answer 2 · 2021-12-15T15:11:25+01:00

ck247730 ck247730

15-12-2021

The correct answer to your question is C. A short term loan accrues less total interest than a long term loan

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