Fixed, variable and introductory interest rates | Loans and debt | Financial Literacy | Khan Academy

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Interest rates determine how much you pay to borrow money, and they come in different types. Fixed interest rates stay the same throughout the loan or credit period, providing predictable payments. Variable interest rates can change over time based on market conditions, which may lower or increase payments. Introductory rates are temporary, lower interest rates offered for a set period before switching to a standard fixed or variable rate.

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