Use the following chart to explain how the loan repayment period affects the total cost of the loan.
Loan Repayment Period
Loan 1 Loan 2
Principal $5,000 $5,000
Interest Rate 6.47 percent 6.47 percent
Monthly Payment $98 $57
Loan Repayment Period 5 years 10 years
Total cost of the loan $5,866 $6,804
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Use the following chart to explain how the loan repayment period affects the total cost of the loan....
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