Evelyn has a constant-rate loan where she pays [tex]$500 every month for two years. This type of loan maintains fixed monthly payments throughout the loan term.
Evelyn has a constant-rate loan because she needs to pay the same amount, $[/tex]500, every month over a specified period, in this case, two years, to repay the loan.
A constant-rate loan refers to a loan with fixed monthly payments throughout the loan term, regardless of changes in economic conditions or interest rates.
In contrast, a fixed-rate loan would also have consistent payments, but over a longer period, such as a mortgage with the same interest rate over its life.
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