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 he have? A. a fixed-rate loan B. a variable-rate loan C. a constant-rate loan
2 answers:
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Answer: </h2>
Option A. a fixed-rate loan - is the right answer.
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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
Answer:
I think your answer is A. This sounds like a fixed-rate loan.
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