What is the potential downside of choosing a longer loan tenure? Option: "Higher total interest paid", "Increased risk of default", "Lower overall interest paid", "Higher monthly payments"

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What is the potential downside of choosing a longer loan tenure?

"Higher total interest paid"

"Increased risk of default"

"Lower overall interest paid"

"Higher monthly payments"

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What is the impact of opting for a longer loan repayment tenure on EMIs?

"EMIs decrease"

"EMIs increase"

"EMIs remain unchanged"

"EMIs fluctuate"

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What is a potential drawback of using credit cards for large purchases?

Credit card limits may restrict the purchase amount

EMI options are not available for all purchases

High interest rates can accumulate if not paid off promptly

Reward points are not applicable for large transactions

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What is a potential consequence of missing a loan payment?

"Reduced interest rate"

"Increased loan limit"

"Improved credit score"

"Negative impact on credit rating"

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What is a potential risk associated with being a joint applicant for a loan?

"Shared responsibility for repayments"

"Increased credit limit"

"Reduced interest rates"

"Improved credit score"

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What is the most important factor to consider when determining how much to borrow?

"Interest rates"

"Loan tenure"

"Repayment ability"

"Credit score"