Answer:
Banks and Credit Unions assume a certain amount of risk when they loan money, and so they look at factors such as your current financial health, payment history, and debt obligations before setting your rate.
Explanation:
hope that helps
The factors includes Credit Score, Credit History, Employment Income, Loan Size and Length of the Loan
Interest rate are the rate which determines the value of interest that a borrower will pay on the loan given by the Lender.
Usually, banks take into consideration competition, market levels and Fed policies to determine its interest rate.
Therefore, the factors that determines the interest rate that will be charged of loan borrowed by banks will depends on the borrower's Credit Score, Credit History, Employment Income, Loan Size, Length of Term etc.
Read more about this here
brainly.com/question/17121681
