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Terms that begin with F
A fixed rate is an Annual Percentage Rate (APR) of interest that is connected to a mortgage or loan where the APR is fixed, or not explicitly tied to changes in other interest rates. Keep in mind that this rate can also change, but typically not with the frequency of a mortgage or loan that is based on a variable rate. If you have a credit card and the card issuer determines they are going to change the rate you are being charged for using your credit, the card company is required to notify you before changing your rate, to give you the opportunity to cancel your card. Your APR may also be subject to change based on the timeliness of your payments.
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