What are interest rates and how do they work?
An example of an AI chatbot conversation about understanding interest rates and their impact.
What are interest rates and how do they work?
Interest rates are the cost of borrowing money, expressed as a percentage of the loan amount. They can affect loans, savings, and investments.
How do interest rates affect my mortgage?
Higher interest rates can increase your monthly mortgage payments, while lower rates can make borrowing cheaper.
What factors influence interest rates?
Interest rates are influenced by central bank policies, inflation, economic growth, and market demand for credit.
Can I negotiate my interest rate?
Yes, you can negotiate your interest rate with lenders, especially if you have a good credit score and financial history.
What is the difference between fixed and variable interest rates?
Fixed rates remain the same throughout the loan term, while variable rates can change based on market conditions.
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