How did rising interest rates affect Americans

It makes people less likely to make large purchases

Explanation: When intersest rate are low people are more likely to make lareg purchases because they feel like they are gaining more than they are losing. The opposite applys for high interest rates and people start not wanting to spend a lot of money because they feel they are being ripped off

Hope it helps good luck!!

demand is the need and oportunity to buy a given good or service.