When taking out a loan, the shorter your term length, the higher your monthly payments, and the lower the total interest you will pay.
Loan can be defined as the money a person borrow or lend from a lender in which the person is expected to payback the loan amount at a stipulated period of time.
A borrower should note that the shorter their loan term length is the higher their monthly payment will be and on the other hand the lower or lesser their total interest they are to pay will be.
Therefore when taking out a loan, the shorter your term length, the higher your monthly payments, and the lower the total interest you will pay.
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