True or false? When creating a budget to repay your student loans, you can
save money by paying only the interest.
O True because paying only the interest reduces the length of the loan and
reduces the total amount you pay in the long-term
True because paying interest means monthly payments will be small
O False because it is not possible to only pay the interest,
O False because paying only interest lengthens the life of the loan and increases
the total amount you pay in the long-term.
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Question

01-04-2022
Business

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True or false? When creating a budget to repay your student loans, you can
save money by paying only the interest.
O True because paying only the interest reduces the length of the loan and
reduces the total amount you pay in the long-term
True because paying interest means monthly payments will be small
O False because it is not possible to only pay the interest,
O False because paying only interest lengthens the life of the loan and increases
the total amount you pay in the long-term.
Next →
Sign out

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adioabiola adioabiola · Answer 1 · 2022-04-06T09:20:33+02:00

The correct answer choice is; True, because paying only the interest reduces the length of the loan and reduces the total amount you pay in the long-term.

Paying off Student Loans

It follows from study that; while paying off student loans, it usually pays off to pay the interest first. On this note, it follows that the principal of the loan remains constant and hence, compound interest is avoided and consequently, the total amount you pay in the long-term is reduced.