30 yr loan

Question

With the same APR and principal, a 30-year loan will have:

a) a lower monthly payment than a 15-year loan.
b) a higher monthly payment than a 15-year loan.
c) a payment that could be greater than that of a 20-year loan.

Answer 1

The longer the loan period, the greater is the TOTAL amount paid, but the less is the payment per period.  So the answer is a.