In most cases, if the interest rate increases, the payment will also go up or increase.
<h3>What is the interest rate?</h3>
When you have a loan or debt, the interest rate refers to the amount of money per month, year, etc. that you paid for the benefit of having borrowed the money.
- This is usually a small percentage of the total debt.
<h3>What happens if the interest rate increases?</h3>
This increases your total debt, and therefore, you will need to pay more money every month or year.
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