Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender. 10% fixed nominal interest rate (called the Ioan's annual percentage rate or APR). Under this loan proposal, your mortgage payment will be per month. (Note: Round the final value of any interest rate used to four decimal places.) bank approves a 15-year, $700,000 loan at a fixed nominal interest rate of 10% (APR), then the difference in the mayment mortgage and 30-year mortgage will be ?(Note: Round the final value of any interest rate used to foul It is likely that you won't like the prospect of paying more money each month, but if you do take out a 15 -year mortgage, you make fall instead of a 15-year mortgage? $1,183,258.37$857,433.60$1,097,515.01$1,011,771.65 Which of the following statements is not true about mortgages? The ending balance of an amortized loan contract will be zero. Mortgages always have a fixed nominal interest rate. The payment allocated toward principal in an amortized loan is the residual balance-that is, the difference between total payment and the interest due. Mortgages are examples of amortized loans