When people make financial choices such as the decision to borrow money, many people do not...
When people make financial choices such as the decision to borrow money, many people do not think about the interest rate itself. For some, the question is merely whether or not the loan payment is affordable. If the payment is affordable and the interest is high, what is the third variable that many individuals frequently overlook? Is this something you have done?
Homework Answers
The third valuable that the individuals may look forward could be the term structure of loan like is it 5years, 10 years,15 years or 20 or do the lender make you pay the whole loan amidst the period without interest. Yes, i have done this and this has impacted my financing decisions because it can drastically fluctuate the principal and interest payments and hence the borrowing decision to be precise.
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