adjustablerate
nounUK /əˈdʒʌstəbl reɪt/
US /əˈdʒʌstəbəl reɪt/
A price that can go up or down over time.
The bank gave us an adjustable rate on our loan, so our payment might change next year.
OTHER MEANINGS
2. An interest rate on a loan that changes when market rates change.
Borrowers with an adjustable rate should watch for monthly payment increases.
3. A fee or charge that is not fixed and can be revised.
The gym offers an adjustable rate for students who only come in summer.
4. A pricing plan that shifts based on usage or time.
Electricity under an adjustable rate costs more during peak hours.