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Understanding Loan Payments
Loan payments are calculated using an amortization formula that determines how much of each payment goes toward principal and interest over the life of the loan.
Factors Affecting Loan Payments:
- Loan Amount: The total amount borrowed
- Interest Rate: The annual cost of borrowing expressed as a percentage
- Loan Term: The length of time to repay the loan (in months or years)
Tip: A longer loan term reduces monthly payments but increases total interest paid. A shorter term has higher payments but less total interest.
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