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If a borrower takes longer to pay back a loan, what happens to the monthly payment?

If a borrower takes longer to pay back a loan, what happens to the monthly payment?
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If a borrower takes longer to pay back a loan, what happens to the monthly payment?

asked
User Tim Diels
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8.6k points

2 Answers

3 votes

Answer:

It gains interest

Explanation:

answered
User Wojciech Sobala
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8.1k points
4 votes

Answer: the payment will be more and they will be charged interest each month longer it takes.

Explanation:

answered
User Corentin Houdayer
by
8.0k points
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