Given that policy langage below, if I take a $100k loan during year 10, is that $100k loan locked at 3.5% until it's paid back OR will the interest rate on said adjust down to 2.0% at year 11?
"Interest charges accrue daily on any Loan Indebtedness at the current annual loan interest rate". Year 10 interest charge is 3.5% Year 11 interest charge is 2.0%
"Interest charges accrue daily on any Loan Indebtedness at the current annual loan interest rate". Year 10 interest charge is 3.5% Year 11 interest charge is 2.0%