134k views
2 votes
How many more monthly payments are made for a five-year loan than for a three-year loan?​

1 Answer

4 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 Calandra
by
5.4k points