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Type: Multiple-Choice
Category: Personal Finance
Level: Grade 11
Author: RexMcCarthy
Created: 7 years ago

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Personal Finance Question

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Grade 11 Personal Finance

How is a long-term loan different from a short-term loan?
  1. A short-term loan is for a maximum duration of 12 months while a long-term loan is for a maximum duration of 12 years.
  2. A short-term loan is for a maximum duration of 12 months while a long-term loan is for a minimum duration of 12 months.
  3. A short-term loan is for a maximum duration of 12 weeks while a long-term loan is for a minimum duration of 7 years.
  4. A short-term loan is for a minimum duration of 7 months while a long-term loan is for a minimum duration of 12 months.