30-year Loan

Which of the following statements regarding a 20-year monthly payment amortized mortgage of $500,000 with a nominal annual interest rate of 10% is CORRECT?

		A. A larger proportion of the first monthly payment will be interest, and a smaller proportion will be principal, than for the last monthly payment.
		B. Exactly 10% of the first monthly payment represents interest.
		C. The total dollar amount of interest being paid off each month gets larger as the loan approaches maturity.
		D. The amount representing interest in the first payment would be higher if the nominal interest rate were 7% rather than 10%.
		E. The monthly payments will decline over time.