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 she have? a. a fixed-rate loan b. a variable-rate loan c. a constant-rate loan

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

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

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

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