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I heard this sentence in an animated movie (Fantastic Mr. Fox):

You're borrowing at nine and a half with no fixed rate.

I can understand he's borrowing money and its rate. But I have a hard time understanding the "at nine and a half with no fixed rate" part.

Does nine and a half indicate the months in which he has to pay his debt?

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The "nine and a half" likely means the interest rate of a loan being taken out.

the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed

"With no fixed rate" means that there is no fixed rate period during which the interest can't change, meaning that the 9.5% can increase.

the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float".

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    True. Let's add that the original "no fixed rate" somewhat contradicts the 9.5% rate, and the whole script is sly and ironic. Thus, the line does not have to work seriously to act as critique. Forest creatures discussing bank offerings.
    – Yosef Baskin
    Commented Aug 22, 2022 at 12:37
  • Mr. Baskin's comment should be incorporated into the answer; indeed it should be the core of the answer. The answer, as it is now, provides a reasonable guess as to what was intended by the sentence, but it may leave the future visitors to this page with an impression that this way of speaking is clear and standard.
    – jsw29
    Commented Aug 22, 2022 at 15:18

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