You take out a secured loan with your bank for 1000 dollars. The bank gives you the option of a 12 month payback period and a 24 month payback period. Both will have the
same interest
rate. The 12 month loan will have a higher monthly payment than the 24
month loan but a lower total cost over the life of the payback period. Is this true or false?
A. True
B. False ESO