Cassandra is buying a new car and is comparing a car loan with a 48-month term at 6% interest versus a 36-month term at 5%. Which of the following statements is true about these two alternatives?
- The shorter-term loan will have a lower monthly payment.
- She will pay less total interest for the longer-term loan.
- The longer-term loan will have a higher monthly payment.
- She will pay less total interest for the shorter-term loan.