There is a LIBOR for 30, 60, 90, 180, 360 days and also for longer terms.
Once the rate is agreed there are no modifications during the life of the loan.
Given that the bank assumes a debt for the term of the transaction, it is not possible to pre-cancel. If this happens, there is usually a penalty collected to compensate the difference in Treasury.
PRIME:
Is a floating rate (variable)
Can be applied to any term.
The total amount of interest to be paid is only known the date of maturity due to the daily fluctuations that have taken place during the period.
Is possible to pre-cancel at any moment without penalty.