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?

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02-02-2016
Business

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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?

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taskmasters taskmasters · Answer 1 · 2016-02-02T14:32:49+01:00

taskmasters taskmasters

02-02-2016

The kind of loan Evelyn has is a CONSTANT RATE LOAN.

A constant rate loan is a loan wherein the borrower pays every month a fixed amount that is part principal and part interest. This loan ensures that the principal and interest are all paid at the end of the loan term.

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madisonvancamp5 madisonvancamp5 · Answer 2 · 2019-01-20T02:38:12+01:00

madisonvancamp5 madisonvancamp5

20-01-2019

the correct answer is a constant rate loan

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