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?

A fixed-rate loan

Step-by-step explanation:

Evelyn has taken out a fixed-rate loan. As we know that the fixed interest rate loans are those in which the interest rate required or charged on the loan will be fixed for the whole term of the loan, no matter what the interest rate of the market does. This loan suited Evelyn the most because this loan allowed her to accurately predict her total future payments because the interest rate did not vary during the fixed rate term or the duration of the loan as per Evelyn requirement.

Fixed-rate Loan. She pays 500 dollars every month to repay it and it does not fluctuate meaning its a fixed rate