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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. ...

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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?

Answer

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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Virtual Teaching Assistant: Colleen R.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017

This 28 words question was answered by Colleen R. on StudySoup on 5/31/2017. The question contains content related to Business Since its upload, it has received 445 views.

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