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Economics

Repayment Terms

Quick fact

Changing just the repayment term from 5 years to 30 years can cut a monthly payment in half, but more than double the total interest paid over the life of the loan.

Why this is interesting

You've borrowed money—now how will you pay it back? Repayment terms map out every step of that journey, from the size of each payment to the final day you'll be debt-free.