Interest charges on notes payable may be based on a(n):

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22-03-2018
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Interest charges on notes payable may be based on a(n):

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MrsTriplet MrsTriplet · Answer 1 · 2018-03-31T14:27:00+02:00

Interest charges on notes payable may be based on a fixed or variable interest rates.

A fixed interest rate does not change the interest amount charged over the length of the loan. With a fixed interest rate borrows can predict their payments.

A variable interest rate can change during the course of the length of the loan. The market can determine the change in interest rate and it is hard to accurately determine your payment for the length of the loan.