What is the difference between a fixed rate and a variable rate loan.

A) Fixed rate loans have a variable interest rate, while variable rate loans have a fixed interest rate
B) Fixed rate loans have a fixed interest rate, while variable rate loans have a variable interest rate
C) Fixed rate loans have a lower interest rate than variable rate loans
D) Fixed rate loans have a higher interest rate than variable rate loans
Answer: B) Fixed rate loans have a fixed interest rate, while variable rate loans have a variable interest rate