35).

a. b.

Describe what happens to the portions of payments going to principal and interest over the life of an installment loan. Choose the correct answer below. A. The interest portion remains constant and the portion applied to paying off the principal increases with each successive payment. B. The interest portion increases and the portion applied to paying off the principal decreases with each successive payment. C. The interest portion decreases and the portion applied to paying off the principal remains constant with each successive payment. D. The interest portion decreases and the portion applied to paying off the principal increases with each successive payment. 1 1 -% to 5% Describe why a buyer would select a 30-year fixed-rate mortgage instead of a 15-year fixed-rate mortgage if interest rates are lower on a 15-year mortgage. Choose the correct answer below. A. The principle paid for the 30-year mortgage is less than the payment for the 15-year mortgage on the same home. B. The payment for the 30-year mortgage is less than the payment for the 15-year mortgage on the same home. C. The total interest paid for the 30-year mortgage is less than the payment for the 15-year mortgage on the same home. D. There is no logical reason why a buyer would select a mortgage with a higher interest rate