Bankruptcy is a process when a lender tries to obtain money from an individual's employer to pay an unpaid debt. true false user: the periodic rate is _____. an interest rate that changes over the term of the loan the interest rate you are charged for one payment period the apr multiplied by twelve the amount of time you have to pay your loan user: fees associated with buying and finalizing your loan are known as _____. escrow finalizing fees pmi closing costs