select the correct answer. evelyn has taken out a college loan. she needs to pay $500 every month for two…

select the correct answer. 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?\n\na. a fixed - rate loan\n\nb. a variable - rate loan\n\nc. a constant - rate loan

select the correct answer. 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?\n\na. a fixed - rate loan\n\nb. a variable - rate loan\n\nc. a constant - rate loan

Answer

Brief Explanations:

A fixed - rate loan has a consistent payment amount over the life of the loan. Since Evelyn pays $500 every month for two years, it indicates a fixed - rate loan. A variable - rate loan has payments that can change based on market conditions. There is no common term "constant - rate loan" in standard loan terminology.

Answer:

A. a fixed - rate loan