<human>:  What is the difference between a floating-rate loan and a fixed-rate loan?
<bot>: Floating-rate loans are loans with interest rates that periodically adjust based on benchmark rates like the prime rate or LIBOR. These loans typically begin with a lower initial interest rate when compared to fixed-rate loans. On the other hand, fixed-rate loans have an interest rate that remains constant throughout the life of the loan. The borrower can be assured of the same interest rate and monthly payment over the life of the loan.