Credit interest rates that go up and down according to interest rates in the economy as a whole are referred to as

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Credit interest rates that go up and down according to interest rates in the economy as a whole are typically referred to as variable rates. Teaser rates are typically low introductory rates that may increase after a certain period of time, penalty APRs are typically higher rates that kick in if a borrower makes a late payment or otherwise violates the terms of the credit agreement, and prime rates are benchmark rates that are used by lenders to set interest rates for various types of loans.

Credit Interest Rates That Go Up and Down According to Interest