Which of the Following Statements Regarding a 30-Year Monthly Payment

Multiple Choice

Which of the following statements regarding a 30-year monthly payment amortized mortgage with a nominal interest rate of 10% is correct?

A) The monthly payments will decline over time.
B) A smaller proportion of the last monthly payment will be interest, and a larger proportion will be principal, than for the first monthly payment.
C) The amount representing interest in the first payment would be higher if the nominal interest rate were 7% rather than 10%.
D) Exactly 10% of the first monthly payment represents interest.