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How many more monthly payments are made for a five-year loan than for a three-year loan?​
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30 votes
30 votes
How many more monthly payments are made for a five-year loan than for a three-year loan?​

User Mark Fletcher
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1 Answer

14 votes
14 votes
There are 12 months in a year. The difference between five years (60 months) and three years (36 months) is two years (24 months). Therefore 24 more monthly payments must be made on a five year plan.
User Victor Nazarov
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