A $10,000 loan is to be amortized over 5 years, with annual end-of-year payments. Of the following statements how many are incorrect?

• The proportion of interest versus principal repayment would be the same for each of the 5 payments.

• If the loan were amortized over 10 years rather than 5 years, and if the interest rate were the same in either case, the first payment would include more dollars of interest under the 5-year amortization plan.

• The last payment would have a lower proportion of interest than the first payment.

• The annual payment is constant over 5 years.

• The total principal payments over 5 year are greater than $10,000.