jemaurin4ceypitts jemaurin4ceypitts

02-02-2016
Business

Answered

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?

Verified Answer :

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

19-01-2019

the correct answer is a constant rate loan

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