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What affects how much a borrower must pay on a loan each month? Choose three correct answers.
the amount of collateral the lender has
the amount of money borrowed
the length of time given to repay
the value of the lender's assets
the interest rate of the loan
the number of loans the lender has made

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GinnyAnswer

Final answer:

The monthly payment on a loan is influenced by the amount borrowed, interest rate, and repayment term.


Explanation:

The amount of money borrowed: The principal amount borrowed impacts the monthly payment.

The interest rate of the loan: The interest rate determines the cost of borrowing and influences the monthly payment.

The length of time given to repay: The loan term affects how the borrowed amount is spread out over monthly payments.


Learn more about Loan Repayment Factors here:

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