Question

For a loan of $100,000 at a rate of 6% for fifteen years, the payment is about $843 a month. For the same loan amount, at an interest rate of 7.5%, you must increase the life of the loan to keep the same payment. The term must extend over 18 years instead of 15 years.

Answer 1

For the same amount of loan and monthly payment
if the interest rate is 6%, the loan must last for 15 years
if the interest rate is 7.5% the loan must last for 18 years
So, the greater the interest rate, the longer the loan has to be paid.