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 portion of the payment going toward interest is larger in the early years of the loan and decreases as the loan is repaid. The total amount of interest paid over the life of a mortgage loan is equal to the total of all of the loan payments and the loan's principal. Everything else remaining constant, if you were to pay more than the minimum payment each year and apply the difference to the repayment of principal, the total amount of interest paid on the loan over its life would increase The portion of the payment going toward interest is smaller in the early years of the loan and increases 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 calculation of the present value of an annuity. False True Your dream is coming true! You are about to complete the purchase of your first home. To do so, you will borrow $120,000 from a savings and loan association that requires an interest rate of 6.00% on your loan. To simplify your workload, assume that you will repay your mortgage loan over the next four years by making annual payments at the end of each year. Complete the following loan amortization table by selecting the correct answers: Year BeginningAmount Payment Interest $120,000 Repaymentof Principal EndingBalance