Answer:
To pay back the loan in a shorter period and to pay less interest.
Step-by-step explanation:
The monthly payment refers to the amount someone has to pay every month for a loan until it is paid back in full. A person might purposely choose a higher monthly payment because this will alow him/her to pay the loan in a shorter period as he/she wil be putting more money towards the principal. Also, the person will pay less interest because that is the amount the lender charges for the money that was borrowed and if someone pays more money towards the principal, he/she will owe less interest because the balance is lower.
