Question

Write a declaration for a variable rate_of_pay that can hold values like 11.50 or 12.75.

Answer 1

Float rate_of_pay  a declaration for a variable rate_of_pay that can hold values like 11.50 or 12.75.

What is   float rate_of_pay?

• In contrast to fixed (or unchangeable) interest rates, floating interest rates change on a regular basis. Companies that offer credit cards and mortgages frequently use floating rates.
• Floating rates follow the market, a benchmark interest rate, an index, or both.

Is a fixed or floating rate preferable?

• In a rising rate environment, banks offer fixed rate loans at a higher rate than variable rate loans in order to profit more from the latter when rates rise.
• Fixed rate loans may have interest rates that are 300–350 basis points higher than floating rate loans.

float rate_of_pay

rate_of_pay = 11.50, 12.75;

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