How do interest rates affect loans?
An example of an AI chatbot conversation about how interest rates influence loan terms.
How do interest rates affect loans?
Interest rates play a crucial role in determining the cost of loans. When rates are high, borrowing becomes more expensive.
Can you explain how that impacts monthly payments?
Sure! Higher interest rates increase the monthly payment amount, making it harder for borrowers to afford loans.
What happens if interest rates go down?
If interest rates decrease, loan payments become more manageable, and borrowers may save money over the life of the loan.
Are there specific types of loans that are more affected by interest rates?
Yes, variable-rate loans are more sensitive to interest rate changes compared to fixed-rate loans, which remain stable.
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