Interest
The amount paid every month toward the loan.
“This is the amount paid every month toward the loan.”
“What is a monthly payment?”
“This refers to the amount of time given to repay a loan.”
“This refers to the amount of time given to repay a loan.”
“This is why many students take out loans.”
“What is to help pay for college?”
This increases as the loan term becomes longer.
What is the total interest paid?
“This repayment plan had the lowest monthly payment.”
“What is the 20-year loan?”
“This is the total number of monthly payments in a 10-year loan.”
What is 120 Months
“These are examples of college expenses besides tuition.”
“What are housing, books, meals, and fees?”
This repayment plan had the highest total interest in the project.
What is the 20-year loan?
“This was the approximate monthly payment for the 10-year loan.”
“What is $333?”
“This repayment plan saved the most money overall.”
What is the 10-year loan?
“This is why understanding loans is important.”
“What is making smarter financial decisions?”
This was approximately the total interest paid on the 20-year loan.
“What is $21,583?”
“This is why longer repayment plans usually have lower monthly payments.”
“What is because payments are spread over more months?”
“This is the trade-off of choosing a shorter loan term.”
“What are higher monthly payments?”
“These two factors can cause students with the same loan amount to pay different total costs.”
“What are repayment term and interest?”