How did rising interest rates affect Americans? It became cheaper to buy cars and homes. Americans had to pay higher interest on loans. Loan payments dropped greatly over time.

By raising interest rates, Americans had to pay higher interest on loans.

Explanation:

If there is an increasing rate it is too much to borrow. so people start spending less. This led to fewer demands and a drop in products and also in goods and services happen.

Because of the higher interest, economic growth became moderate. Another reason for higher interest rates is to reduce inflation. People can buy products, goods to pay higher interest on loans.

Americans had to pay higher interest on loans

Explanation: i got it right