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How can finance charges be less over a longer term if the interest rates are the same? That's the stupidest thing I've ever heard. You pay LESS in interest over
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02-20-2012, 09:04 AM
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A True Z Fanatic
Join Date: Feb 2009
Location: Northern VA
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How can finance charges be less over a longer term if the interest rates are the same? That's the stupidest thing I've ever heard.
You pay LESS in interest over a shorter term than you do over a longer term. Just a quick NPV assumption of $20,000 borrowed at 3% shows you pay $938 in interest over 36 months and $1,562 over 60 months. Seriously. Wtf? 
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