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describe a variable rate loan.
Variable rate loans are lines of credit or closed-end credit accounts that offer interest rates that can fluctuate. [ Different from fixed-loan rates, variable rate loans are often tied to certain market indexes that adjust based on economic conditions. Read more: What Is a Variable Rate Loan? (SOURCE: ) ]
Expert answered|jeifunk|Points 1125|
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Asked 2/7/2012 4:41:12 PM
Updated 2/7/2012 5:04:48 PM
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describe the major steps to making a large purchase.  Why is it important to go through these steps when you are planning on making a large purchase?
Weegy: First and foremost is to establish a baseline for a large purchase , in layman's term its purely knowing your needs and aligning this with your budget. Automate your savings , save money for the large purchase rather placing it o credit. [ You should make a comparison canvassing on the large purchase you are planning , so you can at least get what you want in fair market value. It is important to go through these steps when you are planning on making a large purchase because otherwise you will end up with something you do not need and cannot afford. ] (More)
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describe a variable rate loan. Discuss an advantage of a variable rate loan. Discuss one of the risks of a variable rate loan.
Weegy: variable-rate mortgage, also commonly referred to as an adjustable-rate mortgage or a floating-rate mortgage, is a loan in which the rate of interest is subject to change. [ When such a change occurs, the monthly payment is "adjusted" to reflect the new interest rate. Over long periods of time, interest rates generally increase. An increase in interest rates will cause the monthly payment on a variable-rate mortgage to move higher. ] (More)
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