The impact of the number of months on Janet's loan repayment translates into more money.
When someone applies for a loan in a bank, they must take advantage of some conditions that the bank has to be able to disburse the amount of money that they require.
One of them is that you accept the interest on the loan. Banks generally put an interest that is equivalent to a small percentage of the total loan. For example:
Janet's loan is for $ 5,000 and the interest is 1.2%. Therefore, each month Janet must pay a fee (depending on the number of months in which she has divided the loan payment) and 1.2%.
So if she divided the 24-month loan, she must pay $ 208.33 plus 1.2%, which is equivalent to $ 60.
Note: This question is incomplete because there is some information missing. However I can answer it based on my prior knowledge.
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