Final answer:
When a borrower takes longer to pay back a loan, the monthly payment will go up due to potentially higher interest rates.
Explanation:
Monthly payment will go up. When a borrower takes longer to pay back a loan, especially if they have been late on payments, the lending institution may charge a higher interest rate, resulting in higher required monthly payments. This is because the lender wants to ensure more of the debt is paid off upfront in case of payment issues.
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