The Consumer Financial Protection Bureau has launched a new tool that aims to provide consumers with interest rate information they might expect to pay for loans in a given state.

The Rate Checker tool will allow a consumer to choose a state, their likely credit score, loan amount, if there is a down payment and how much it will be, and if the loan will carry a fixed or adjustable interest rate.

Users can also explore scenarios such as how lowering an interest rate will impact the loan's cost, according to the CFPB.

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