Question

A $100,000 loan that is set for a 30-year term is:

a short-term loan
often set with a high interest rate
a long-term loan
a low interest rate

Answer 1

A long-term loan for 30-years is a bit long for that amount of money

Answer 2

This is a long-term loan.

A loan is considered long term when the debt exceeds one year. In this case, the term is 30 years, so it is a long-term loan.