Question

Assume you are making $989 monthly payments on your amortized mortgage. The amount of each payment that is applied to the principal balance:________.

a. Decreases with each succeeding payment.

b. Increases with each succeeding payment.

c. Is constant throughout the loan term.

d. Fluctuates monthly with changes in market interest rates

Answer 1

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Step-by-step explanation:

B. increases with each succeeding payment.