While Each Payment of an Installment Note Is the Same

Multiple Choice

While each payment of an installment note is the same amount,which of the following statements is true?

A) All payments will cover the same amount of interest and principal
B) The first payments will cover more interest expense than the later payments.
C) The first payments will cover more principal than the later payments.
D) The first installment payments cover interest until it is paid and then the remaining payments cover the repayment of the principal.