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What is a variable rate?

April 26, 2017rate

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What is a variable rate?

2 Answers

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A variable rate is an interest rate that changes periodically in relation to an index; payments may increase or decrease accordingly. The M&T CHOICEquity and Total CHOICEquity account line of credit segments have a variable rate based on the Prime Rate as published in the Wall Street Journal.

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A variable rate is one that is tied to an index such as the London Interbank Offered Rate (LIBOR) [anchor link to question below) or the prime rate, and may vary on a monthly or quarterly basis.