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Answer:

A fixed interest rate will always be the same rate of interest throughout a period of time no matter the amount of borrowed money. A variable interest rate can change over time based on the amount of money borrowed.  

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In general, if a lender expects the cash rate to rise, the fixed rate will usually be higher than the variable rate; on the other hand, if the expectation is for the cash rate to fall, the fixed rate will tend to be lower than the current variable rate.

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