Total assets = Total liabilities + Equity. The balance sheet is one of the key elements in the financial statements, of which the other documents are the income statement and the statement of cash flows. A statement of retained earnings may sometimes be attached.
A variable interest rate is just what it sounds like: an interest rate that varies over time. Itâs the opposite of a fixed interest rate, which remains the same over time. Variable interest rates are generally used by financial institutions to move the rates on their products up and down as the market conditions change.
1992-93: (6.94%) Variable interests rates are introduced for federal student loans. Rates are determined annually by short-term U.S. Treasury bills plus 3.1% (maximum of 9%). Loans issued in the preceding 10 years retain an 8% to 10% fixed rate.