fixed-rate loans
- Loans that have a constant interest rate and monthly payments for principal and interest for the duration of the loan, typically 15, 20, or 30 years
- Many homeowners prefer fixed-rate loans because their monthly mortgage payments remain stable.
- John chose a fixed-rate loan for his car to avoid changes in the interest rate.
- Despite the initially high interest, Mary selected a fixed-rate loan to avoid unpredictable future rate increases.
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