What is the distinction between floating-rate and fixed-rate for bicycle loan?
Fixed Interest Rate: Fixed Interest Rate allows the repayment in fixed equal monthly payments throughout the period that is entire of loan. The attention prices in such a case are fixed and change that is don’t market changes. Thus the debtor understands the amount that is exact has to pay as time goes by or at the very least he knows the precise rate of interest to cover the outstanding loan in those days.