e. What if you could get a shorter term loan (if you picked 5 years, calculate 4 years instead. If you picked 4 years, calculate 3 years instead)? What is your monthly payment, total of all payments, and interest charged now? Show your formulas and calculations. Years used now Monthly payment Total of all payments Interest charged under new terms f. Give one reason someone might want to choose a longer-term loan. g. Give one reason someone might want to choose a shorter-term loan.
