The interest n may be either fixed or variable. If an installment loan has a fixed interest rate on an installment loa rate, that rate will not change over the life of the loan. The payments on a fixed-interest loan usually remain the same throughout the term of the loan. By contrast, if an installment loan has a variable interest rate, the interest fluctuates over time. With a variable-rate loan also called an adjustable-rate loan the monthly payments will go up or down, allowing the loan to be paid off by the same date as originally established in the loan contract. The following table lists the monthly installment payment amounts required to repay $1,000 over various time frames and at various fixed interest rates