Given that the interest rate would not change for a given period of time, we can say that Sam had a lock on the interest rate.
What is interest rate?
This is the extra money that grows due to the fact that people are saving their money in the bank.
It is the rate at which the benefit that is accrued from saving or investment grew overtime.
Read more on interest rate here:https://brainly.com/question/25793394
