Ballon or Fixed Interest rate

The percentage rate is the amount of interest that you pay. The
percentage rate is the certain portion of your loan or credit
that you pay back in interest. For example, if your loan was
for $40,000 and your interest rate was 12.3% then you would
pay 12.3% of $40,000 in interest. The interest would be added
onto your $40,000 and you would pay it back via your monthly
payments.

Fixed rate: A fixed rate means your interest rate will stay the
same no matter what. People usually prefer these. If you can
get a low fixed rate, it will stay with you even if other
average interest rates are going up. Balloon rate: A balloon
rate can fluctuate with the times and the stock market but
depending on the situation, this can be beneficial to you as
well. You will have to decide which you think is best for you.

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