If you’d like to borrow a certain contribution, it entails a certain amount of time to spend it off, which have a set interest utilized in those people money.
Auto advertisements was even the ideal instance of fixed rate financing. You have probably read an offer to have a certain design for sale to have “step one.9% Annual percentage rate more than 72 weeks.” That’s the fixed mortgage terms and conditions, in short. It is possible to pay the price of the auto, also 1.9% annual attract, in the monthly payments (constantly monthly or bi-weekly) along the second half dozen decades.