Evelyn has taken out a college loan
Asked by maham237 @ in Business viewed by 373 People
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?
Answered by maham237 @
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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