Loan 1 and Loan 2 have the same principal and interest rate but different monthly payments and total loan costs, therefore, the loan repayment periods would be different.
The loan repayment period refers to the time it takes to repay a loan.
When the amount being repaid is smaller, the loan repayment period tends to be longer, and vice versa.
Data and Calculations:
Loan Repayment Principal Interest Rate Monthly Total cost
Period Payment of the loan
Loan 1 5 years $5,000 6.47 percent $98 $5,866
Loan 2 10 years $5,000 6.47 percent $57 $6,804
Thus, the loan repayment periods are affected by the monthly payments and total costs to reflect the loan terms.
Learn more about loan repayments at https://brainly.com/question/25599836
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