Three loads that look like one
Line level: an RC low-pass filter
A source drives the cable through its own output impedance. That series resistance and the shunt capacitance of the cable plus the receiving input form a low-pass filter with corner frequency f = 1 ÷ (2π x R x C), where R is the source's output impedance in ohms and C the total capacitance in farads.
Total capacitance = cable pF/m x length + the receiving input's pF. Shorter, lower-capacitance cable moves the corner up; so does a source with a lower output impedance. Most line outputs sit between 50 and 600 Ω, which puts the corner somewhere between a few hundred kilohertz and several megahertz on a normal interconnect: nowhere near the audio band. What bites is a high source impedance into a long, high-capacitance run - a passive attenuator, a tube stage without a cathode follower, or a 20 m studio cable.
Phono: a loading budget, not a corner
A moving-magnet cartridge is an inductive generator, so the capacitance hanging off it does not set an RC corner at all. It tunes a resonance with the cartridge's own coil inductance. Add capacitance and that resonance moves down: past a point it drops into the top octave, first as a lift and then as a steep fall above it.
That is why cartridge makers publish a total loading capacitance instead of a frequency. Meeting it is arithmetic: cable pF/m x length, plus the phono stage's input capacitance, compared with the maker's figure. Phono mode does exactly that sum and nothing more. The 47 kΩ a phono stage presents is a load resistance, not a series source resistance, so it never belongs in the RC formula above. Low-output moving-coil cartridges publish no capacitance figure and do not need one; their generator inductance is far lower, so this resonance sits well clear of the music.
MC through a step-up: the load is multiplied
A step-up transformer with a turns ratio of 1:N raises a moving-coil cartridge's voltage N times, and it transforms impedance by N² between its windings. The phono stage's input capacitance sits on the secondary, so the cartridge, on the primary, sees it multiplied by N²: its reflected capacitance. That load, beside the tonearm cable, meets the cartridge's own source impedance as a single-pole RC filter, f = 1 ÷ (2π x R x C).
With a 1:20 step-up transformer, your phono stage's 100 pF input capacitance becomes a 40.0 nF load on the cartridge. Against a 100 Ω cartridge that rolls off at 39.8 kHz, roughly a 1.0 dB loss at 20 kHz. The multiplier is the ratio squared, 20 x 20 = 400, so a phono input that would be harmless on its own becomes the load that sets the corner. A low-impedance cartridge of a few ohms pushes the same corner far above the audio band, which is why most step-up pairings never hear it; a higher-impedance moving coil into a high ratio is where it starts to show. The model leaves out the transformer's leakage inductance and interwinding capacitance, which shape its real top octave.
