What does 'fixed term' mean?

[angies]

Test No. incompl/advan-9 "Finance (1)", question 10

The loan you have taken out is for a ......... term, which in your case is 5 years.

(a) steady
(b) fixed
(c) long
(d) exact

Test No. incompl/advan-9 "Finance (1)", answer 10

The loan you have taken out is for a fixed term, which in your case is 5 years.

Correct answer: (b) fixed

Your answer was: incorrect
The loan you have taken out is for a steady term, which in your case is 5 years.
_________________________

what is the meaning of fixed in the sentence?

[Torsten]

A fixed term in the given sentence is a predefined period of time.

TOEFL listening lectures: Why does the professor mention Cygnus X-1?