Evelyn has taken out a college loan. She needs to pay $500 every month for two years to repay the loan. What kind of loan does s

Question

3 years ago

9

he have? A. a fixed-rate loan B. a variable-rate loan C. a constant-rate loan

2 answers:

GarryVolchara [31] · Answer 1 · 2022-08-20T16:26:53+03:00

<h2>Answer:</h2>

Option A. a fixed-rate loan - is the right answer.

<h2>Step-by-step explanation:</h2>

Evelyn has taken out a college loan. She needs to pay $500 every month for two years to repay the loan.

As the monthly payment is same, this shows that the loan must be fixed rate.

If it would have been a variable rate loan, the monthly payments will not be the same for the loan tenure. They will change with time.

So, the answer is - A. a fixed-rate loan

joja [24] · Answer 2 · 2022-08-20T15:15:33+03:00

joja [24]3 years ago

3 0

Answer:

I think your answer is A. This sounds like a fixed-rate loan.