Evelyn has taken out a fixed-rate loan. As we know that the fixed interest rate loans are those in which the interest rate required or charged on the loan will be fixed for the whole term of the loan, no matter what the interest rate of the market does. This loan suited Evelyn the most because this loan allowed her to accurately predict her total future payments because the interest rate did not vary during the fixed rate term or the duration of the loan as per Evelyn requirement.
