An amortization table reports the amount of interest and principal contained within each regularly scheduled payment used to repay an amortized loan. Consider the amount of the interest payments included in each of the payments of an amortized loan. Which of the following statements regarding the pattern of the interest payments is true? The total amount of interest paid over the life of a mortgage loan in equal to the total of all of the loan payments and the loan's prinopal. The portion of the payment going toward interesfsc smaller in the early years of the loan and increases as the loan is repaid. Everything else remaining constant, if you were to pay more than the minimum payment each year and apply the difference to the repayment of pninopal, the total amount of interest paid on the loan over its life would increase: The portion of the payment gaing toward interest is farger in the early years of the loan and decreases as the loan is repaid. True or False. The periodic (for example, monthly, quarterly, or annual) payment for an amortized loan is determined as the payment term in the formula for the calcalation of the present value of an annuty. False True Your dream is about to come truel You are about to buy your first classic sports car. To do so, you have arranged to borrow $72,500 from your local savings and loan association. The interest rate on the loan is 5.00%. To simplify the calaulations, assume that you will repay your loan over the next seven years by making annual payments at the end of each year. According to the loan officer at the savings and loan association, you must answer the following questions before you can go pick up your new car