Question

a shorter auto loan term means __ monthly payments & __ total interest youll pay. higher, less lower, more higher, more lower, less all of the following can happen when you fail to make a mortgage payment except: after one missed payment, you can lose your home you will be charged fees your credit score can take a hit foreclosure process starts after 30 days of missed payment

Explanation:

For the first question:

• When the loan term is shorter, the principal is paid off in fewer months. Using the loan payment formula \(M = P\times\frac{r(1 + r)^n}{(1 + r)^n-1}\) (where \(M\) is the monthly payment, \(P\) is the principal, \(r\) is the monthly interest rate, and \(n\) is the number of payments), a smaller \(n\) (shorter term) leads to a higher \(M\) (monthly payment).
• Since the loan is paid off faster, the total interest paid (which is the sum of all monthly payments minus the principal) is less.

For the second question:

• Generally, you don't lose your home after one missed mortgage payment. There are grace - periods and processes like foreclosure that take time.
• When you miss a payment, you are usually charged late - payment fees.
• A missed mortgage payment can negatively impact your credit score.
• The foreclosure process typically starts after a certain period (often around 30 days or more) of non - payment.

Answer:

First question: A. higher, less
Second question: A. After one missed payment, you can lose your home