Business
esshak
2021-01-11 12:27:27
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?
ANSWERS
DariusSheffler402
2021-01-11 15:16:55

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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