What are the advantages of having a fixed rate versus a variable rate? What are the disadvantages?

Answer should be in 3 complete sentences.

A "fixed rate" has a predictable interest rate for the loan's lifetime while a "variable rate" has a low interest rate. Although a "fixed rate" stays the same, it has a higher interest rate than the variable rate. On the contrary, the variable rate's low interest is fluctuating, which means it can also rise depending on the market changes.

Explanation:

Choosing between the "fixed rate" loan versus the "variable rate" loan will largely depend on a person. Most people who have a tighter budget, prefer the fixed rate because it allows them to plan ahead in order to accommodate the payments. However, people who prefer low-interest rates but can quickly repay their loan often choose the variable rate. Paying the loan quickly will prevent any risky situations, such as rising interest rates.

So, this explains the answer.