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Total Interest Paid: 48 vs 60 vs 72 vs 84 Months
Dealers push longer terms to lower the monthly payment. We'll show how much that costs you in total interest over the loan's life.
In plain English
On a $32,000 loan at 7.50% APR, the 84-month term costs $4,090 MORE in lifetime interest than the 48-month term. The monthly payment is lower ($491 vs $774) but you pay it for 36 more months at higher interest accrual.
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