The fact that most borrowers only pay attention to the monthly payment when taking out a loan obscures the total cost of the loan.
It should be noted that when an individual takes a loan, the best thing to do is on is the total cost of borrowing and not the interest rate or monthly payment.
A borrower should also consider the repayment of the loan which is the number of years it'll take. This can lead to the payment of a huge amount. Therefore, when borrowers only pay attention to the monthly payment when taking out a loan obscures the total cost of the loan.
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